GTE FCU and Suncoast Schools FCU Terminate Merger
On July 15, GTE FCU and Suncoast Schools FCU called off the largest pooling in credit union history, which would have created an $8 billion credit union.
The press release announcing the finishing of merger stated that “the potential disruption in operations to both organizations was extensive enough to outweigh the potential benefits of the coalescence.”
What was unsaid is that this merger probably would not have received regulatory approval.
Both credit unions as of the end of the first quarter were less than well capitalized. In inside info, Suncoast Schools barely met the requirement of being adequately capitalized with a net worth ratio of 6.05 percent.
GTE reported a loss of almost $6.8 million and 2.49 percent of its loans were 60 days or more biography due. Suncoast Schools reported a loss of $23 million and 3.88 percent of its loans were 60 days or more delinquent.
As this irritable look at their financial reports show, this proposed merger of two dented credit unions would have a hard time bitter the regulatory mustard.
The patsy told deputies she reviewed her checking account information through Suncoast Schools Federal Credit Club and noticed three transactions last month she didn't authorize, according to the Hernando County Sheriff's Chore. and more »