California League Backs Local CU in Hostile Takeover Fight

MONTEREY, Calif. – California's and Nevada's credit unions were told that their trade association stands firmly behind Continental FCU in its efforts to fight off a hostile takeover by the Minnesota’s Wings FCU. "Your league supports Continental FCU's board's authority to act in the best interests of their members," Bill Cheney, president of the California/Nevada leagues, said during the annual Big Valley Conference here of the unprecedented bid toe acquire the El Segundo, Calif., credit union. "This hostile takeover attempt, we feel, is not in the best interests of the credit union or the credit union community. You may have seen that Wings has said Continental is not providing value to its members. We do not believe that an out-of-state-based credit union should be telling members what is in their best interests, what's a good value and what is not." Cheney said the league has been in close contact with Continental CEO Tom Glatt, whom he described as a "great credit union friend."