The NCUA approved 15 mergers in February 2016 which is equal to the number of approvals from last month. Although a fairly low approval number it is nearly twice the number of mergers from February of last year.
The combined assets of merged credit unions is up nearly $40 million compared to last month. For the month of February the total merged assets was $550 million compared to last year’s $210 million. The mean and median assets of merged credit unions were $36.6 million and $14.6 million respectively. In contrast, last month the mean assets was $34.0 million.
LARGE CREDIT UNION MERGERS
There was one acquisition of credit unions with assets exceeding $100 million this month.
The largest merger was Woodbridge, VA based Belvoir Credit Union ($325M) merging into Pentagon ($19B) headquartered in Arlington, VA. Belvoir CU is well capitalized (8.3% Net Worth), has low delinquency (0.9%) and profitable (0.3% ROA). “Expanded Services” was given as the reason for the merger.continue reading »