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