X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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campaign targeted at Continental Federal Credit Union’s membership, Wings Financial announced April 20 that it had withdrawn its merger proposal.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.”

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.