GLENDALE, Calif.-Not everyone thinks NCUA is showing admirable restraint in the merger process.
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In fact, NCUA's current process does not sit well with Stuart Perlitsh, CEO of the $350-million Glendale Area Schools FCU, who suggested that NCUA engages in "arbitrary and capricious" mergers among credit unions without regard to the adverse impact mergers have on the immediate credit union community.
"It is all about protecting the share insurance fund. So what we are experiencing today is huge credit unions behaving like Pac Man and gobbling up the little credit unions, causing even greater fissures between the big and the small. These mergers and acquisitions are being given away like fruitcakes at Christmas."
