AUSTIN — The Texas CU Commission announced yesterday it adopted new rules governing mergers at its Oct. 19 meeting, including a prohibition of any financial offer to members to encourage them to vote for a merger, in effect, barring any hostile takeover.
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The prohibition was prompted by last spring's hostile takeover attempt by Wings Financial FCU, which offered members of Continental FCU $200 each if they voted for a merger.
The new rules will bar any promise by a credit union to pay to the members of another credit union a sum of money or other material benefit upon the successful completion of a merger of the two credit unions.
