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Pentagon, VFW FCUs Merge
ALEXANDRIA, Va.-NCUA said it has approved a request from Pentagon FCU to acquire VFW FCU, a $3-million Kansas City, Mo., credit union, in the $6.5-billion credit union's fifth merger in the past two years.
Over the past two years the credit union giant has also acquired: Fort Shafter FCU ($46 million), Coast Guard Employees FCU ($13 million); D.C. Veterans Affairs Medical Center FCU ($15 million) and Fort Hood Military FCU ($25 million).
NCUA said it approved 24 mergers in May, making a total of 122 mergers approved through the first five months of the year.
Eighteen of the mergers approved last month included one or more small credit unions under $5 million in assets, making a total of 81 small credit unions that have disappeared through mergers so far this year.
The biggest mergers approved last month were: Watermark CU, Seattle ($400 million) with King County Medical Society CU, Seattle ($14 million); DPL FCU, Newark, Del. ($65 million) with Hercules FCU, Wilmington, Del. ($11 million); and Colorado State Employees CU, Denver ($660 million) with CSM FCU, Golden, Colo. ($9 million)
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