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49 CU mergers approved in Q2

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49 CU mergers approved in Q2

The National Credit Union Administration approved 49 credit union mergers during the second quarter, up from 44 in the first quarter and 46 in the year-ago quarter.

"Expanded services" was the reason given for 39 of the mergers, while "poor financial condition" was listed as the reason for seven and "inability to obtain officials," "loss/declining field of membership" and "poor management" each accounted for one merger apiece.

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May's merger between Community First CU and Mendo Lake Credit Union was the largest merger approved in the second quarter. Community First, the "merging" institution, reported $212.2 million in assets as of March 31. Following the merger, Mendo Lake Credit Union adopted the Community First Credit Union name.

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The NCUA has approved 93 credit union mergers so far this year. The 49 "merging" credit unions approved in the second quarter held a combined $1.54 billion in assets according to the NCUA, compared to $1.45 billion for the mergers approved in the first quarter and $787.5 million for the mergers approved in the second quarter of 2016.

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By region, 15 of the merging credit unions approved in the second quarter were headquartered in the Midwest, while the mid-Atlantic, Southeast, West, Northeast and Southwest were home to 10, nine, seven, five and three merging credit unions, respectively.

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Click here for a spreadsheet listing all NCUA-approved credit union mergers since Jan. 1, 2011.