LAS VEGAS — The concerns expressed by the industry's trades and leagues on the impact of hostile takeovers among credit unions may be for naught, one veteran attorney said.

Bruce Jolly, partner with widely-known law firm Venable LLP and former counsel for CUNA, the Independent Community Bankers Association and the American Bankers Association, spoke yesterday at NACUSO's annual conference on Nationwide Federal Credit Union's merger with Nationwide Bank. Venable represented the credit union during the unprecedented merger. Jolly shared the legal and regulatory aspects of the deal. One of his handouts contained the statement "the myth of a hostile tender" under the section that asks "Nationwide FCU's merger–a One Time Transaction?"

"There is no such thing as a hostile takeover" among credit unions, Jolly told Credit Union Times. "[The merger plan] has to be approved by both boards. There is no process now by which a member of a target [credit union] can be directly affected by an offer."

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.