The head of the nation's second largest airline credit union, the $5 billion American Airlines FCU, said Tuesday the merger of Alliant CU and the long-ailing Continental FCU, "seems to make sense."
Angela Owens, CEO of the Dallas-based CU, said the industry's hope "is that the consolidation will produce a strong entity" as a survivor.
Asked for comment about the merger of the $7.3 billion Alliant of Chicago and the $170 million Continental of Tempe, Ariz. Owens said AAFCU has never been part of the merger discussions and remains focused on its own "clear strategy and industry niche" based on a TIP charter.
"Our philosophy remains that we would spend our members' money when we saw a clear benefit," said Owens, a former general auditor for the parent sponsor airline who become CU president in 2007.
American Airlines CU always remains "open to opportunities but is focused on the aviation field," said Owens. The Dallas CU currently has 40 branches, many in U.S. airport facilities and there are no major plans to add brick and mortar, said Owens noting the most recent expansion has been in cargo facilities.