SHREWSBURY, N.J. — There has been some closure on Wings Financial FCU's attempt to engineer a hostile takeover of Continental FCU, but readers believe the effects will be felt for some time.
According to respondents of Credit Union Timesrecently expired online voting poll question, the Wings attempt will only spur more. Some speculate that Wings has opened the door for not only other credit unions, but for banks to embark on hostile takeovers of credit unions.
The Wings/Continental story has subsided for now after NCUA ruled that the $200 per member offer Wings made to Continental's members was not allowed under the Federal Credit Union Act.
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The poll question and results are shown here:
Will Wings FCU's hostile takeover attempt of Continental FCU spur more such attempts?
o Yes 65.67%
o No 23.65%
o Not Sure 10.68%
Total Votes: 921
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