WASHINGTON — With the industry still recovering from the recent unprecedented merger campaign, some are wondering how mergers might affect the credit union system in the future.
Callahan & Associates, Inc. will host a May 16 Webinar at 2:00 p.m. EST that will explore the impact of overlapping fields of membership and whether "unsolicited mergers" are the start of a new trend.
David Barton, CEO of $168 million Gateway Metro CU, will discuss a merger with Guadalupan CU and how the alliance helped target a market critical to the financial institution's future. John Bommarito, CEO of $1.1 billion Western CU, will discuss the impact of one of the industry's largest mergers up to 2003. Shawn Birch, project manager at $770 million United FCU, helped oversee the single largest merger [outside the State Farm CU consolidation] in 2006.
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Each year the CU industry averages more than 300 mergers, according to Callahan. The impact of the $5.9 billion mergers in 2006 was very similar to that in 2005 measured by the percent of assets combined. "However, if the Wings and Continental event is any indication, 2007 may be different," Callahan said.
For Webinar details, log on to www.creditunions.com.
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