Ironically, shared branching came about as the result of a bad prediction, according to Dan Balagna. In the 1960′s there was a study that predicted that America would be a cashless society by 1980, Balagna explained. And that prediction led a credit union executive, Donald MacKinnon, former CEO of the Dearborn Federal Credit Union, to begin to meet with other credit unions to discuss beginning shared branching. "We were actually incorporated in 1969," Balagna said, "but it took until 1975 to iron out all the regulatory and other problems."
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
