ALEXANDRIA, Va. NCUA said it approved mergers of several more troubled credit unions, including AgFirst FCU, Safeway Los Angeles FCU, Washington Postal Employees FCU, State Center CU and Fort Worth Telco CU.
AgFirst FCU is an $11-million Columbia, S.C., credit union with four straight years of losses that is being merged into Carolina Collegiate FCU, a $76-million Columbia credit union.
Safeway Los Angeles FCU, a one-time $77-million credit union with five years in a row of losses, is being acquired by Xceed Financial FCU, the former Xerox Employees credit union based in El Segundo, Calif. Washington Postal Employees FCU, a $20-million credit union with four consecutive years of losses, is being merged into FedChoice FCU, a $315-million credit union in the Washington, D.C., suburb of Lanham, Md. State Center CU is a one-time $90-million Fresno, Calif., credit union that also has reported losses for five straight years, and is being acquired by Valley First CU, a $415-million credit union in nearby Modesto.
Fort Worth Telco is a one-time $43-million credit union that has reported losses in each of the last five years and is being merged into $1.2-billion EECU in Fort Worth.
Other troubled credit unions being merged out are: Appalachian FCU, a $15-million Berea, Ky., credit union being acquired by Appalachian Community FCU in Kingsport, Tenn.; TheoDavies FCU, a $10-million Honolulu credit union being merged into Hawaii Central FCU; and Coos Educators’ FCU, a $14-million Coos Bay, Ore., credit union that is being acquired by Northwest Community FCU.