Industry Still Reeling from Unprecedented Merger Attempt, Wonder if More Could Come

RANCHO CUCAMONGA, Calif. — Leaders across credit union land are buzzing about the impact a merger proposition similar to the one issued by Wings Financial Federal Credit Union could have on the industry going forward.

Some are concerned that the lack of rules in place for “hostile takeovers” of credit unions could set the industry up for a free-for-all making the vulnerable defenseless to any unsolicited proposals. Others–reluctant to talk on the record–are quietly discussing whether such takeovers may actually benefit poor performing credit unions. (See poll on page 3.) California Credit Union League President/CEO Bill Cheney said the league will continue to support Continental FCU in its decisions.