Northern Hills Federal Credit Union, who has been proudly serving their members since 1950 and Sentinel Federal Credit Union, who has been serving their members since 1955, announced today that they are expanding their legacy of service, and will be seeking regulatory approval of their Board approved intent to merge.
Does the disappearance of the “small” credit union signal bad things to come for the industry? Chip Filson looks at the trends and suggests setting our sights back on the small to restock the pond.
A hearing on consolidation in the financial services industry will feature the perspective of the American Bankers Association, which has warned about the impact of credit unions purchasing banks, reports David Baumann of the Washington Credit Union Daily.
Could the NCUA really be said to be helping credit unions when in 2014 they published “Truth in Mergers”? Chip Filson points out the oxymorons that litter the publication, and asks whether NCUA will change its tune in the future.
Emily Claus discusses the merger of Xceed Financial Credit Union and Kinecta Federal Credit Union going into effect next month and debates the reasons behind low member participation.
Are credit unions really democratic institutions when less than ten percent of the membership can vote away that institution’s existence? Chip Filson wonders whether credit union cooperative design has eroded of the years.
Are credit unions staying situationally close-minded by using mergers as the only way out of a “bad” situation? NACUSO’s Denise Wymore thinks so, and suggests that the industry needs to look up from the blinking lights to find alternative means of succeeding.
Mergers may seem like a sound strategy for the individual institution, but are they a sound strategy for the industry and the member-owners who make them possible? Chip Filson doesn’t think so, and goes even further to say the process is broken against the member.
Chip Filson wonders whether members’ interests are protected in both credit union-bank acquisitions and mergers, or only the former.