Credit Union Mergers In 2016

Mergers are on the rise, but smaller credit union still continue to play an important role in the industry.

There were 5,909 credit unions in the United States at year-end 2016. That’s 238 fewer than this time last year. With the number of credit unions dwindling, the merger process has received media as well as regulator attention.

Over the past 16 years, there have been between 210 and 331 mergers every year. In 2016, there were 215 mergers, which falls into the low end of that scale. When considering what percentage of the industry these mergers represent, this year’s 3.5% is in line with the 2.2% – 4.1% range typical for 2000 to the present.

As the credit union movement grows, so, too, does the average asset size of every credit union. In 2000, the average credit union had $43.8 million in assets. That was $221.6 million by year-end 2016. Likewise, the average size for merged credit unionshas grown from $4.3 million in 2000 to $22.0 million today. However, smaller credit unions continue to play an important role in the credit union industry and many are successfully operating with plans to remain independent for the foreseeable future.

NUMBER OF CREDIT UNIONS AND BANKS

NUMBER AND RATE OF MERGERS COMPLETED BY QUARTER

TOTAL NUMBER OF MERGERS BY QUARTER

AVERAGE ASSET SIZE OF MERGED CREDIT UNIONS

CREDIT UNION MERGERS

FOR U.S. MERGED CREDIT UNIONS > $20 MILLION IN ASSETS | DATA FOR 01.01.16 – 12.31.16
Callahan & Associates | www.creditunions.com
Month Merged Credit Union State Merged Assets Continuing Credit Union State Continuing Assets
Jan. 2016 Village Community MI $20,280,365 Parkside MI $88,528,132
University of Wisconsin-Oshkosh WI $24,203,177 Prospera WI $188,508,013
S.T.A.R. Community CA $41,681,741 Members 1st CA $121,026,585
Focal Point NY $45,682,136 Empower NY $1,381,536,404
CSC Employees VA $76,581,566 Lafayette MD $419,060,165
Defense Contracts South TX $43,202,902 America’s TX $197,411,345
Montgomery County OH $26,502,980 Bridge OH $52,953,649
Chestnut Run DE $70,179,532 Louviers DE $214,252,890
Feb. 2016 ILWU – FSC CA $25,814,812 I.L.W.U. CA $186,397,193
Fort Gordon And Community GA $65,906,455 Pentagon VA $19,460,442,369
Bridgeway NY $79,252,016 Mid-Hudson Valley NY $919,961,867
Focus FL $133,729,506 Envision FL $307,575,211
Pegasus Community TX $201,205,996 Neighborhood TX $392,764,414
The Queen’s HI $54,495,194 Hawaii Central HI $206,786,080
Mar. 2016 FM Financial MI $32,259,653 Team One MI $451,766,902
First Financial MO $69,453,493 River Region MO $183,034,927
Clarkston Brandon Community MI $68,524,196 Michigan State University MI $3,034,515,372
Reach CA $102,741,689 Xceed Financial CA $947,691,837
Montauk NY $162,086,954 Bethpage NY $6,247,752,315
Apr. 2016 Great River Community IL $21,390,746 United Community IL $65,652,904
Metropolitan Service PA $21,709,768 American Heritage PA $1,690,433,842
Altoona Regional Health System PA $29,177,658 Healthcare First PA $59,350,109
Southern Select Community NC $34,843,516 Carolina Postal NC $85,624,314
White House VA $55,493,370 Department of Commerce DC $408,599,970
MEA GA $64,288,746 Kinetic GA $311,744,538
Metro Shores MI $64,692,137 Public Service MI $163,191,693
Community Financial CO $239,835,723 Blue WY $602,975,405
Dexter RI $95,041,796 Navigant RI $1,618,467,235
United Financial Services NJ $20,129,633 Advanced Financial NJ $76,655,139
May 2016 San Gabriel Valley Postal CA $20,263,231 Credit Union of Southern California CA $1,045,877,903
Heinz – Del Monte PA $22,641,683 Clearview PA $1,043,104,522
Educational KS $204,883,399 Azura KS $270,576,603
Belvoir VA $333,321,795 Pentagon VA $19,920,263,320
Employees TN $31,108,033 Ascend TN $1,878,772,887
June 2016 Florida Baptist FL $24,515,909 First Florida FL $724,398,031
Oak Trust IL $46,462,015 NorthStar IL $156,091,975
Keystone PA $76,122,912 TruMark Financial PA $1,832,228,832
July 2016 Eagle CA $20,899,129 Unify Financial CA $2,272,872,292
St. Luke’s MO $23,629,883 CommunityAmerica MO $2,281,916,105
Freedom NC $53,037,100 Coastal NC $2,669,331,062
Northwest Georgia GA $79,218,991 Coosa Valley GA $204,990,934
Aug. 2016 Sierra Point CA $27,017,414 Financial Partners CA $1,196,770,538
Alamo TX $43,733,780 Pentagon VA $20,162,693,973
Central Hudson Employees NY $46,321,628 Mid-Hudson Valley NY $919,961,867
Sept. 2016 Postmark PA $29,138,394 Xceed Financial CA $952,361,140
Florence DuPont Employees SC $35,869,901 South Carolina SC $1,502,872,086
Chicopee Municipal Employees MA $47,898,942 Polish National MA $495,720,424
Chaco OH $187,015,448 Telhio OH $624,612,723
Oct. 2016 The Heritage MT $20,735,820 Rocky Mountain MT $198,832,765
Pittsburgh Central PA $33,331,313 Chrome PA $135,939,671
Ryder System FL $39,411,678 Power Financial FL $575,345,459
Health Associates CA $48,398,720 Credit Union of Southern California CA $1,089,320,100
Clearwater ID $23,070,632 Lewis Clark ID $66,630,881
Nov. 2016 MidConn CT $20,801,477 Dutch Point CT $262,588,424
Culver City Employees CA $23,566,237 Glendale CA $63,262,963
United Financial CA $37,346,152 Credit Union of Southern California CA $1,089,320,100
High Plains NM $41,228,484 Pentagon VA $20,655,673,088
Dec. 2016 Fiscal CA $142,544,224 Unify Financial CA $2,348,441,018
DOW Northeast Employees PA $20,505,122 TruMark Financial PA $1,830,870,034

Source: Callahan & Associates.

2017 Callahan & Associates, Inc. All rights reserved

April 1, 2017

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