SOPOT, Poland — Poland's National Association of Cooperative Savings and Credit Unions' unconventional strategy to fund ATM and credit card development by creating a company and taking it public is being heralded as a success there. However, those attending a World Council of Credit Unions program in Poland aren't confident it would fly here.

NACSCU's Credit Union Financial Society put forth its initial public offering in June, listing 5 million shares on the Warsaw Stock Exchange. Although available to the public, the first offering was quickly snapped up by credit union members, raising 5 million z?,oty (US $2.1 million).

"The move took me by surprise, and I'm not sure what to make of it," said Joe Bergeron, president of the Association of Vermont Credit Unions. "It's definitely a non-credit union approach, and I'm not sure if that's good or bad. It's certainly an innovative approach."