ST. PAUL, Minn. — The Minnesota Credit Union Network felt that Wings Financial Federal Credit Union should have honored Continental FCU's board March 20th decision to vote against the merger, but the network is glad a page has been turned.
The $1.6 billion Wings Financial FCU decided Friday to withdraw its merger proposal days after NCUA determined that the $200 payments it were offering to Continental's members should a merger ever occur was impermissible under the Federal Credit Union Act.
"We're very glad with the decision [Wings Financial] has made," said Mark Cummins, president/CEO of MnCUN. "We're still looking forward to NCUA taking an overall look at any rule making and what the proper rules should be should this occur in the future. We have to look far enough into the future to use this as a wake up call."
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