CU CEOs Say Regulatory Burden is Spurring Merger Trend
Conditions and underlying trends varied widely last week for the mergers of two small credit unions in Illinois and Wyoming.
For one, the Illinois-based Credit Union 1 of Rantoul and one of the leaders among privately insured CUs in handling mergers, is ready to take over its third small, struggling CU in a year.
The merger provides an entry for Valley to reach various government agency employees working in the Wyoming portion of Yellowstone National Park and in Park County.
Both Simons of Credit Union 1 and Steele of Valley FCU agreed that the problems of small credit unions trying to cope with myriad regulations, compliance and high tech innovations are spurring the merger pace.