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ALEXANDRIA, Va. - There is a feeling in the industry–at least by some–that credit unions are too quick to play the merger card, that there are other options.
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MADISON, Wis. - The board should play a critical role in a merger representing the member’s best interests. At least that’s the theory. But what’s the practice?
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RALEIGH, N.C. - Local Government Employees FCU has $792 million in assets but owns no branches.
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MADISON, Wis. - A strategic alternative to mergers, according to Bob Hoel, is to maintain high deposits per member and low operating expenses. Of course, once a credit union is in troubled waters and looking for a merger partner, it may be too late to resolve that issue. It’s a worthwhile strategy, though, to develop strategic alternatives to mergers.
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TEMPE, Ariz.–Tom Glatt, CEO of Continental FCU, knows many credit union leaders who believe a hostile takeover bid could never happen to them. Perhaps. But Glatt asks, ‘Why be unprepared?’ He offered the following advice to Credit Union Journal readers to build a firewall against hostile takeovers:
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TEMPE, Ariz. - “Hostile takeovers” weren’t part of the credit union vocabulary until March 9, 2007, when the $1.9-billion Wings Financial Credit Union made a bid for the $199-million Continental FCU.
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FOREST GROVE, Ore. - A company that in late 2007 accurately forecast the level of merger activity among credit unions during the first quarter of this year is predicting only accelerated activity for the remainder of the year.
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HOLLYWOOD, Fla. - Though regulatory accounting changes will slow the merger train down, a panel of experts on combining credit unions suggested the continued consolidation in the movement is inevitable.
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PORTSMOUTH, N.H.–The $12.7-million Salmon Falls Community Credit Union (founded in 1955 as Somersworth GE Employees CU) has been absorbed via merger by Service Credit Union.
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One piece of advice from Tom Glatt: A CU can be lost as the result of poor service. “Good service” isn’t good enough anymore, says Glatt. It must be exceptional. Glatt recommends CUs read “Good to Great: Why some Companies Make the Leap and Others Don’t,” by James C. Collins. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
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ARLINGTON, Va. - NASCUS is encouraging NCUA to work with state regulators on CUSO-related issues to ensure no new regulatory burdens are added.
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ALEXANDRIA, Va. - Among the alternatives to mergers are greater collaborations through CUSOs, and credit unions are calling on NCUA to adopt its proposed CUSO rule in order to broaden the types of activities credit union subsidiaries may engage in.
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What Do You Think About Mergers and This Special Report? Credit Union Journal Welcomes Your Feedback. Just Click on ‘Letters to the Editor’ At www.cujournal.com, and take a moment to share your thoughts.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
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SCOTTSDALE, Ariz. - Economic uncertainty and concern about the subprime crisis affecting other lending and credit areas have credit union CEOs looking at collaborations and consolidation more seriously these days, one analyst said he is finding.
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WASHINGTON - It has been getting harder over the past several years for a credit union to pursue another option other than a merger–a conversion to a mutual savings bank.
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CHICAGO - At Financial Service Centers Cooperatives’s Retail Delivery Convention here were, clockwise from above left, Clerk of the Circuit Court of Cook County, Dorothy Brown, presents FSCC CEO Sarah Canepa Bang with a welcome letter on behalf of the city of Chicago; JetBlue Airways executive Ann Rhoades discusses the importance of creating a “member-centric culture,” including ways credit unions can cultivate a retail environment that promotes growth for members and employees, and in a panel discussion on innovations in member access, from left, CUNA’s Mark Condon, Hansom FCU’s Scott Post, Cardtronics’ John Dyer.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
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ATLANTA - Video sharing sites such as YouTube, Yahoo Video and Google Video have had such a surge in popularity that many financial institutions exploring the advertising opportunities of these sites, according to a new study.
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WASHINGTON - Despite protests from the financial services industry, the FDIC said it is moving ahead with a plan to require millions of dollars of system upgrades at large banks to prepare the agency to handle a colossal failure.
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OVERLAND PARK, Kan. - In response to criticism that FICO scores have not been predictive enough of defaults and foreclosures, Fair Isaac Corp. and the credit bureaus are creating scoring tools specifically for mortgages.
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