I found myself following the Continental FCU and Wings Financial Federal Credit Union story in the Credit Union Times for the past few weeks. What I find amazing is the number of parallels to the banking industry I see with this saga by Wings Financial.
|For instance, how many times have we heard consumers are upset when their local institution is taken over by a larger financial institution–service decreases, employees are let go, and community involvement is eliminated or reduced–just to name a few. I have no knowledge this would happen, but if history repeats itself, and it seems to me, Wings is taking a page out of the banking industry playbook which calls for increasing your market share and reducing competition through acquisitions and or mergers.
|Oh, but Wings did state, "Continental FCU belongs to its members." I guess they forgot that point on their special Web site claiming a benefit of the merger would be "Instant Ownership." Domenic DiPillo Vice President Market Development & Technology Sun East Federal Credit Union Aston, Pa.
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