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Pursued Airline Credit Unions Cautiously Optimistic

Two of the credit unions approached by Wings Financial Federal Credit Union about a possible merger are relieved that NCUA's ruling essentially stopped the industry's first unsolicited takeover, but they both remain cautiously optimistic.

By Staff Writer | Updated on April 23, 2007

HAWTHORNE, Calif. and SEATAC, Wash. — Two of the credit unions approached by Wings Financial Federal Credit Union about a possible merger are relieved that NCUA’s ruling essentially stopped the industry’s first unsolicited takeover, but they both remain cautiously optimistic.

The $300 million FAA First FCU and $50 million Alaska Airlines/Horizon Air Employees FCU have previously said $1.6 billion Wings Financial approached them in the past about merging. FAA First turned the offer down as did AAHAEFCU, after the latter was approached twice in 2006. A Wings Financial employee had registered Web sites for both CUs, with names containing the word “Wings” in them, similar to the continentalwings.com site.

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