The National Credit Union Administration approved 45 credit union mergers during the second quarter, up from 42 in the first quarter but down from 49 in the year-ago quarter.
The 45 "merging" credit unions held a combined $1.24 billion in assets according to the NCUA, compared to $1.11 billion for the mergers approved in the first quarter and $1.54 billion for the mergers approved in the second quarter of 2017.
The NCUA has approved 87 credit union mergers so far this year.
May's merger between Waterford, Mich.-based Oakland County CU and Novi, Mich-based Vibe CU was the largest merger approved in the second quarter. Vibe CU, the "merging" institution, reported $543.2 million in assets as of March 30. After the merger is completed, the company will operate as Vibe Credit Union.
The Midwest was home to 15 of the merging credit unions in the second quarter — the most of any region — while the mid-Atlantic was home to the second-most at 12.
"Expanded services" was the reason given for 37 of the mergers in the second quarter, while "poor financial condition" was listed as the reason for six. "Lack of growth" and "loss/declining field of membership" accounted for one merger each.
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Click here for a spreadsheet listing all NCUA-approved credit union mergers since Jan. ,1, 2011.