EL SEGUNDO, Calif. — More than 70 members turned out for Continental Federal Credit Union's annual meeting on March 27 to hear enhancements they can expect going forward and how a merger with $1.6 billion Wings Financial Federal Credit Union would have been a "direct threat" to the CU's future. "Looking ahead, we are well positioned to succeed," said Allan Cooper, chairman of the $182 million CU "We have a strong base of loyal members. We have the right leadership in place. We have a great group of dedicated employees. We have an informed, seasoned board. We have a strong institutional foundation and are well grounded in our heritage. We have the financial resources and stability. And, we have a clear vision and established direction for the future." Cooper told members Continental increased its dividends by 38% over 2005 and the CU's "safety and soundness was verified as we received very favorable results in both our annual audit and federal examinations." "I know I speak for all of our board members in saying we are on the right track to accomplish very significant milestones this year," Cooper said.

Cooper kept up his criticism of Wings Financial telling attendees, "At the same time they delivered the offer to us, they also began an aggressive campaign to take over your credit union by approaching our members directly with misleading information."

"This is an unprecedented and underhanded way of Wings Financial attempting to take your credit union away from you–our members–simply to achieve its own growth objectives."