Voting Poll Results: Hostile Takeovers Have Just Begun, Say Readers
SHREWSBURY, N.J. — Although there has been some closure on Wings Financial FCU's hostile takeover attempt of Continental FCU, readers believe the effects will be felt for some time.
According to respondents of Credit Union Times' recently expired online voting poll question, the Wings attempt will only spur more such attempts. 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.
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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.
The poll question and results are shown here:
Will Wings FCU's hostile takeover attempt of Continental FCU spur more such attempts?
oYes
65.67%
oNo
23.65%
oNot Sure
10.68% Total Votes:
921 –[email protected] New Voting Poll: Does Consolidation Hurt or Help Credit Unions?
SHREWSBURY, N.J. — Consolidation is here and now, there is no denying that. Is the ongoing consolidation trend in the credit union industry good or bad for the future of credit unions?
Consolidation is most evident among natural person credit unions. In the first quarter of this year NCUA approved 62 credit union mergers. There has also been consolidation on the corporate network (four mergers currently pending), league and vendor levels.
In many mergers, the oft-touted economies of scale is still pointed to as the main benefit. Some critics note however the higher operating expenses in some notable past mergers as proof that mergers aren't always good.
This is the subject of Credit Union Times' latest online voting poll. The question is as follows:
Is consolidation good for the credit union industry?
oYes
oNo
oNot Sure
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