Fallout Includes Merger Talk
The industry wrangling over how to deal with the fallout from corporate restructuring and options on provider servicing continued last week, with at least one fresh discussion of merger negotiations.
In the case of the conserved Southwest Corporate FCU, there was mention by the $2.3 billion Georgia Central CU of Duluth of consolidation talks.
Southwest Corporate along with Members United Corporate FCU, Warrenville, Ill., were the two conserved corporates on Sept. 24 along with Constitution Corporate FCU of Connecticut.
"What I want to convey to Georgia Central's members first is that these developments do not impede our momentum for pursuing our chosen strategy," Moore wrote. "With the establishment of bridge corporates to house good assets and the payments infrastructure for as long as 24 months, NCUA flexibility about how credit unions can choose to make the post conservatorship future, there continues to be ample opportunity for Georgia Central to affect a consolidation" that will prove robust and productive, he said.