Continental FCU Calls Wings Financial’s Public Merger Proposal ‘Hostile Takeover’

EL SEGUNDO, Calif.—Continental FCU here is calling an attempt by Wings Financial FCU to convince Continental members to push the CU’s board to accept a merger proposal put forward by Wings the first hostile takeover attempt by one CU of another in the history of the credit union movement. After a series of discussions between the boards and management teams of the two credit unions over an 18-month period left Continental FCU still uninterested in Wings’ proposed merger, the Apple Valley, Minn.-based Wings decided to go public with its proposal in hope of appealing directly to the members of Continental. Wings is encouraging Continental members to sign an online petition created by Wings asking the Continental board to consider the proposed merger. In addition to promising lower loan rates, higher savings rates, lower fees and better service for Continental members following such a merger, Wings is also offering a one-time merger payment of approximately $200 per member when the merger is completed.