Hostile Bid Slow to Reach Continental Members

NEWARK, N.J. – Three weeks into a hostile takeover battle for Continental FCU, few of the members at the embattled credit union’s Newark International Airport outpost even know of the offer by Wings Financial FCU to acquire the credit union. And almost none of the four dozen members interviewed here this week by The Credit Union Journal know the details of the credit union movement’s first hostile takeover battle. “I haven’t heard about it, and I’m here all the time,” said Connie Hellake, one Continental member, who said the credit union is “just like any other bank. You bounce a check, they charge a fee; it’s no different.” None of the members interviewed were aware of the $200 offer from Wings that the pursuing credit union has published on a special website and explained in offer sheets handed out at Newark and at Continental FCU outposts in Houston, Tempe, Ariz., and El Segundo, Calif. “I haven’t seen anything and I go there nearly every day,” said Carlos Aquino, a worker in Continental’s air postal service at Newark. Several members said they participated in member surveys over the telephone in recent days but were never asked about the Wings offer. Tom Glatt, president of Continental FCU, said yesterday the credit union has sought to provide information on the Wings pursuit, posting details on its website, in the member newsletter and on a special website. “We’ve kept our members informed all along,” said Glatt. Glatt said he visited Continental branches in Houston last week and spoke with as many as 300 members, and plans to repeat the effort at his other branches. Still, despite broad coverage in the credit union press and the mainstream media, fewer than 75 members turned out for Continental FCU’s annual meeting Tuesday night, where top officials explained the board’s rejection of the latest offer from Wings Financial.