BALTIMORE — Credit unions considering a merger campaign similar to the one executed by Wings Financial Federal Credit Union, may want to think twice.
That was the consensus of some of the attendees at the African-American Credit Union Coalition's annual meeting. Despite Continental FCU turning down a merger proposal from Wings Financial FCU three separate times, the latest turndown was tied to a campaign targeted at Continental members that included a $200 inducement to get Continental board's to enter into “good faith” discussions.
“I don't think there will be a proliferation of these [types of mergers], said Darren Williams, president/CEO of $3.9 billion Wescom CU who was also installed a new member of AACUC. “I'm sure that there are plenty of non-credit unions that would love to come in make an offer to members. The [Wings campaign] demonstrates that credit unions don't take too well to hostile mergers.”
Bob Harvey, AACUC chairman, said “That type of attitude of 'I'm going to take over you,' that's not going to fly with credit unions. It's not good public policy and doesn't support what credit unions are all about.”
A female director at a California-based credit union kept her thoughts succinct: “The members' interest is paramount. The board is supposed to act on what is in the best interest of the members.”
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