The National Credit Union Administration approved 43 credit union mergers in the first quarter. This was down from 47 mergers in the previous quarter and 44 in the first quarter of 2017.
The merging credit unions had a combined $818.8 million in assets at the time their respective mergers were approved, according to the NCUA.
The merger between Riverdale, Utah-based America First FCU and Tempe, Ariz.-based Altier CU was the largest credit union deal approved in the first three months of the year. The merging institution, Altier CU, had assets of $192.9 million when the merger was approved in January.
Most of the merging credit unions were from the Midwest, at 13. This was followed by the Southeast, home to nine merging credit unions.
Thirty-six of these mergers were attributed to "expanded services," six to "poor financial condition" and one to "lack of growth."
Did you enjoy this analysis? Click here to set-up real-time alerts for data-driven articles on the U.S. financial sector. Click here for a spreadsheet listing all NCUA-approved credit union mergers since Jan. 1, 2011. |
