As the financial services industry has become more competitive, credit unions have been caught up in it. At times the cooperative spirit seems to be dying on the vine. Then something comes along and sparks your internal feel-good receptors for the cooperative, not-for-profit credit union spirit.
Anyone who thinks U.S. credit unions have only two shared branching networks from which to choose has never met Scott Collins.
Fraudulent activity covered up by top leadership and a failure by NCUA examiners to adequately follow up on red flags caused the failure of St. Paul Croatian FCU, according to a report by the NCUA's Office of Inspector General.
In separate deals, California and Michigan credit unions completed mergers on the same day- Oct. 4.
The $364 million First City Credit Union of Los Angeles is merging the $91 million Focus One Community CU of Monrovia effective next Monday.
The mergers last week of two medium-sized-and healthy-credit unions, one in Wisconsin and one in Colorado,
The $90 million Colorado Credit Union of Littleton expects to complete the merger and computer conversion of the nearby $12 million Brighton FCU this weekend.