LAS VEGAS — After the roller coaster of negotiations that led to many sleepless nights, Paula Edwards-Noice, former president/CEO of the now defunct Nationwide Federal Credit Union, does not have any doubts that the merger finalized this year with Nationwide Bank was the right move to make.
Edwards-Noice told attendees this morning at NACUSO's annual conference that the decision to merge the CU into the insurance giant's fold was heavily weighed and all alternatives were explored. In the end, the $79 million distribution to members and their vote to merge were the right decisions.
"It was always and only about the members," she said. "NCUA wasn't thrilled about losing a good credit union but once everything was presented to them, they were very supportive."
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Edwards-Noice said two things occurred that convinced her the members would favor merging: a call from a longtime member who thought he would only get $152.60 when actually he ended up with $32,000; and the former CEO's father, also a longtime member, who after hearing an explanation of the amount of money he and his wife would receive, immediately started thinking about what the couple could buy: "I got sold out for a furnace," Edwards-Noice joked.
In the end, she said there were no regrets about the merger, convinced that members were considered the priority and they were compensated with equity that belonged to them.
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