COLUMBUS, Ohio — Are the roughly 44,000 members of the $586 million Nationwide FCU being offered enough money for their credit union?
That is one of the questions some credit union, bank and thrift observers have begun to ask as news of the deal whereby Nationwide Bank, the newly chartered thrift which is a subsidiary of the Nationwide financial services firm, will buy Nationwide FCU has started to sink in.
Once NCUA has finished reviewing the CU's disclosure documents about the deal, the bank will offer the CU's members $79 million for the CU, or roughly 20% above the CU's equity as of March 31. The members will then have a period of 90 days to review the disclosures and will have to vote in the end on whether to accept the deal.
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