I noted the article in the May 16 issue about Nationwide FCU conversion (or merger) to a bank charter and comments made by Paula Edwards-Noice. The article commented that the father of their former CEO "got sold out for a furnace." Being a healthy credit union, most members should get a decent return. In fact, this is true of all healthy credit unions. Just liquidate and distribute the proceeds. It's as simple as that. Everybody walks away with money in their pocket.
But is this what credit union members really want? They sold it out for instant gratification. Unfortunately, that's what most people want these days, immediate results, immediate return, get rich quick. I'm sorry, but their officials just quit. That's a shame.
Once the conversion is done, it's impossible to go back. The members are no longer owners of the bank. They are customers. They have no say-so nor can they run for the board. There's no doubt that Nationwide Bank will be somewhat different five years from now. Most banks usually are. The closest bank to our home has had three names over the past seven years.
Edwards-Noice said she thought the credit union was priceless...but she sold out.
William Rogers & Associates, Inc.
Credit Union Consultant