Mergers Will Continue to Cull the CU Herd: Print Preview
- By 2025, the United States will have around 4,500 credit unions.
- Many smaller credit unions don’t have the wherewithal to compete with banks.
- The cost of technology and regulations will continue to take a toll.
Every day, six days a week, a credit union closes and never re-opens.
In Arlington, Va., Theresa Mann knows a lot about mergers as she carves out a path to survival for small credit unions with The Partnership, a federal credit union where she serves as CEO. It now has $144 million in assets. In 2008, when it essentially was just the credit union for employees at the FDIC, it had $70 million in assets.