FOREST GROVE, Ore. — Among credit unions, the “merger of equals” concept is a myth, according to Merger Solutions Group, a consulting firm here that tracks consolidation trends.

In a February newsletter, the firm said that while “the popular buzz” is that merging CUs often tout the “equals” theory during negotiations, the end result is that such occurrences are rare.

“It takes a nearly perfect scenario to make a merger of equals fit and to work as there are a number of issues that prohibit successful negotiations of a merger plan,” the firm said.

Looking at the data over the last three years, the number of mergers that have been approved by NCUA between two CUs of similar size “is less than 3%,” said the firm.

In the same time period, for more than 82% of all completed mergers, the surviving CU was at least five times larger than the CU being acquired.

Merger Solutions cited various reasons for the trend including director angst, loss of control, difficulties in negotiating management ranks and problems with showing the members a strong benefit since “most credit unions of equal size have similar services, technologies and strategic focus.”