CUs with Large Mortgage Holdings May Merge

Suncoast Schools Credit Union of Tampa — one of the largest CU players in home mortgages — is talking to a crosstown CU about a possible merger, according to The Credit Union Journal. The other institution, GTE Federal Credit Union, ranks 95th in CU mortgage holdings whereas Suncoast ranks seventh, according to The Mortgage Industry Directory. If the two combine forces it would be the biggest merger ever of two credit unions. Both institutions, however, have been saddled with large losses because of the mortgage meltdown. Suncoast is Florida's largest credit union. A merger would create a giant with almost $8 billion in assets serving roughly 675,000 members. Last year Suncoast lost $76.7 million and GTE lost $27.5 million, according to figures compiled by the National Credit Union Administration.