More Details Needed On CU Mergers
I thoroughly enjoyed the article in the April 4, 2005 [edition of The Credit Union Journal] titled "Motivation Behind Mergers" by Renzo Pipoli. I have a request, perhaps serving as a follow up to the topic. In one of the last paragraphs in the article, referencing the merger between University Credit Union and Bansco Credit Union in Maine, it states that "Dunn said he approached Bansco about the merger because 'we both serve educational fields of membership'". How, exactly, did he do that? How can a credit union approach another with a proposal for merger? Are boards involved, and at what point? The details of the initial contacts would prove most beneficial to us and, I am confident, to others in the industry.
Gary M. Winder,
Chief Financial Officer
Ensign FCU, Henderson, Nev.