Credit union mergers have received a lot of negative attention in recent years. Canvas Credit Union CEO Todd Marksberry argues that mergers can be both a viable growth strategy and a means of better serving credit union communities.
Small credit unions play a vital role in the credit union community, but they face daunting challenges that larger institutions find easier to conquer, the Credit Union National Association said in a new report, reports David Baumann of the Washington CU Daily.
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.
Merger, acquisition, are they really that different? Chip Filson thinks so, and says bank acquisitions are not in the interest of existing members.
Is the race to merge folly? Chip Filson believes that by discarding member focus and legacy for the sake of growth we undermine the public’s faith in cooperative design. And that might spell disaster for credit unions in the long run.
Contrary to the cliché that size is equal to success, Chip Filson argues that various credit union sizes serve to make the industry stronger. Relating credit unions to the co-op method of community supported agriculture, he reminds us that scale is no substitute for community.