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.
"I love that NCUA stepped in and looked at it from a legal standpoint," said Eileen Rivera, president/CEO of FAA First. "I'm happy but still being cautious because I don't know what [the Wings Financial/Continental matter] will do for the rest of the industry."
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Meanwhile, AAHAEFCU is keeping its guard up, not totally convinced that Wings Financial has fully given up targeting other CUs, said Dulce Frial, president/CEO of AAHAEFCU.
"I'm hoping it's a total cease and desist and they're not just moving on to whoever's next on their list," Frial said. "If there comes a time when a credit union wants to merge, they will contact Wings. But [Wings Financial] shouldn't push it down their throats."
Both Rivera and Frial reiterated that their respective CUs are not looking to merge now.
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