Monday, June 8, 2015

NCUA Assisted Mergers

There have been 19 National Credit Union Administration (NCUA) assisted mergers of credit unions since the beginning of 2011.

The most recent assisted merger was New Mexico Correctional Employees FCU (Santa Fe, NM). According to NCUA's Office of the Inspector General, this assisted merger resulted in a loss to the National Credit Union Share Insurance Fund (NCUSIF) of $2.5 thousand.

Below is the list of other 18 credit unions that received assisted mergers and the estimated losses to the NCUSIF.

​Macon County School Employees ​(Decatur, ​IL), $84.5 thousand; ​
T​ombstone Federal Credit Union (​T​ombstone, AZ)​, $900 thousand;
Jayhawk Federal Credit Union (Lawrence, ​KS), $450 thousand;
​Union Settlement Federal Credit Union (​New York, ​NY), $150 thousand;
Oldham Family Alliance Federal Credit Union (​Baltimore, ​MD), $150 thousand;
S J H Employees' Credit Union (​Springfield, ​IL), $378 thousand;
​Southside Credit Union (​San Antonio, ​TX), $50 thousand;
Zane Trace Federal Credit Union (Zanesville, ​OH), no information;
​Greater Oregon Federal Credit Union ​(Burns, ​OR), $3.99 million;
Kunia Federal Credit Union​ (Waipahu, ​HI), $1.21 million;
H.B.E. Credit Union (Seward, NE), $332.061 thousand;
​H.A.A. Federal Credit Union (​Houston, ​TX), $50.254 thousand;
​C.D. Federal Credit Union ​(Concord, ​CA), no information;
​California Pacific Federal Credit Union (Concord, ​CA), no information;
​Branch N.A.L.C. (​Oak Brook, ​IL), $229.65 thousand;
​CR Community First ​(Eagle Butte, ​SD), no information;
El Barrio Federal Credit Union​ (​New York, ​NY), $185 thousand; and
South DeKalb Church Federal Credit Union ​(Decatur, ​GA), $330 thousand.

Several of these assisted mergers appear to impose no additional losses on the NCUSIF. This raises the question regarding what other types of assistance is being offered by NCUA. A NCUA spokesperson declined to comment on the other types of assistance citing that these mergers were supervisory matters.

1 comment:

  1. Assistance as in Section 208?
    Would bet majority of CUs do not know what it is...
    ...or who got it!
    Maybe CUTimes will run a survey.



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