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APPLE VALLEY, Minn. — Unwavering in its campaign to court members of a credit union that had rebuffed its merger proposal offer four different times, Wings Financial Federal Credit Union finally threw in the towel after NCUA stepped in ruling that one of the financial institution’s tactics was out of regulatory bounds. After six weeks of a merger campaign targeted at Continental Federal Credit Union’s membership, Wings Financial announced April 20 that it had withdrawn its merger proposal. The decision to do so came three days after NCUA said the $200 payments that the $1.6 billion CU had been offering to Continental’s members were not allowed by the Federal Credit Union Act. “Because this decision materially changes the terms of our offer, we believe we would be required to re-solicit the many CFCU members who have already indicated their support of the merger,” said Wings Financial President/CEO Paul Parish in a statement on the continentalwings.com Web site. “After careful analysis, we have concluded that effectively starting this campaign over is not practical. As a result we are withdrawing our merger proposal.”

Since March 9, the day it submitted its merger proposal to $182 million Continental FCU, Wings Financial has offered Continental FCU’s more than 25,000 members $200 each should a merger between the two CUs ever occur. Wings Financial essentially ignored an April 9 cease and desist letter from Continental FCU’s attorneys, which ordered the CU to stop all merger campaign activities including a petition and the $200 payment offer.

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