Mergers On The Minds Of CU Volunteers
Mergers were very much on the minds of attendees at the CUES Directors conference here. Upon sitting down shortly before a merger-related breakout session began, one person looked at the other seven at the table and asked, "Are you guys buying or selling?"
When the speakers asked how many of the directors' credit unions had been approached regarding a possible merger, more than half the people in the room raised their hands. Approximately 20% acknowledged they had an open merger offer to another CU.
Gerald Benedetto, director for East Hartford, Conn.-based American Eagle FCU said later, "This is the first time I've seen a breakout session on mergers and it was a full room. Obviously, it is a hot topic."