APPLE VALLEY, Minn. — One of the "benefits" Wings Financial is offering members of Continental Federal Credit Union is $200 each should the merger ever be approved.
As parts of its campaign to encourage Continental members to ask Continental's board for a vote to initiate a mail ballot expressing interest in merging, the $1.6 billion Wings Financial has said it will pay $200 to Continental's more than 25,000 members for a total amount of roughly $5 million. Should Continental decide to match that amount, the CU said it could be damaging.
"If Continental FCU paid you an amount from their reserves similar to that proposed by Wings, we believe Continental FCU would damage their earnings power and therefore have to charge even higher loan rates, pay lower dividend rates, charge higher fees, and/or reduce service," said Wings Financial on its continentalwings.com Web site.
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