LAS VEGAS — In a panel presentation at the opening session of the National Directors Convention here this week, Continental FCU CEO Tom Glatt thanked the industry again for coming to his support with cards, letters and e-mails to eventually turn back the Wings Financial Federal Credit Union merger rejected by NCUA.
Glatt also said he does owe a debt of gratitude to Wings Financial CEO Paul Parish for speeding up the process of improving the El Segundo-based CU's member service ratios, but he said the CU was already on track to increase loan volume.
As he has done previously, Glatt acknowledged that his CU had excessive capital and did a poor job of serving its members, but that the Wings bid was totally out of line and harmful to the industry.
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Taking a contrasting view in support of the once proposed and now doomed Wings/Continental merger was another panelist, Bob Hoel, senior fellow at Filene Research Institute, who said the two CUs are much alike and that a merger would have produced economies of scale "and advantages for both."
Hoel admitted that his opinions may not be widely shared, joking he might have to "find an escape" route off the stage. The popular directors' convention winds up Friday at the Rio Hotel Casino.
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