What's At Issue
APPLE VALLEY, Minn.-After being rebuffed by the board of directors at Continental FCU about merging, Wings Financial FCU here has taken its case directly to the membership of CFCU.
Wings Financial says the decision will benefit members of Continental, and it is offering $200 per member to sweeten the deal. Tom Glatt, CEO of Continental FCU has called the offer a "hostile takeover" bid.
About The Credit Unions:
CU: Wings Financial FCU
Location: Apple Valley, Minn.
Assets: $1.6 Billion
Founded: 1938
Members: 110,000
Originally Chartered: To serve employees of Northwest Airlines
Branches: 17. Los Angeles, San Francisco, Atlanta, Honolulu, Detroit, Minneapolis, Chisholm, Minn., Memphis, Tenn., Seattle
CEO: Paul Parrish
CU: Continental FCU
Location: El Segundo, Calif.
Assets: $176.6 Million
Founded: 1952
Members: 25,000
Originally Chartered: to serve employees of Continental Airlines
Branches: 5. Los Angeles, Newark, N.J.; Tempe, Ariz.; Houston
CEO: Tom Glatt
