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Glatt Ticks Off 'Real' Reasons Why Wings Financial Pursued Continental

The list of "real" reasons why Wings Financial Federal Credit Union went after Continental Federal Credit Union did not include having members' best interests in mind.

By Staff Writer | Updated on May 25, 2007

SAN DIMAS, Calif. — The list of “real” reasons why Wings Financial Federal Credit Union went after Continental Federal Credit Union did not include having members’ best interests in mind.

That was part of the message Continental FCU President/CEO Tom Glatt shared yesterday with attendees at the CFO Forum, hosted by WesCorp and the California Credit Union League’s CFO Network. Wings Financial has said all along that the merger would have brought more products and services and lower rates to Continental’s members. Glatt said the $1.6 billion CU aggressively pursued Continental because of its “obscene amount of net worth” at 17%, the possibility of a coast-to-coast branch network, and its trade, industry and profession charter, which opened up membership to everyone in the aviation industry. Wings Financial also has a TIP charter.

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