Bank failures, like the weekend collapse of a $2.8 billion Macon, Ga. chain, as well as financial mergers "remain negative influences" on the bank and credit union public, according to the president/CEO of Georgia's second largest CU, the $1.9 billion Atlanta Postal CU.
"No one can say we're happy when these kinds of things happen," said Donald Decinque, the CU head, in discussing the FDIC takeover of Security Bank Corp. and its six community bank affiliates accompanied by a sale of Security's good assets to another Georgia bank.
It's not just failures of banks or CUs that create negatives, but mergers also bring into question safety and soundness into the consumer view, observed Decinque noting his CU has been unaffected so far by the Security collapse.
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"You have to remember we're a closed credit union for postal workers but it might be different for some community credit unions."
He said Atlanta Postal has had only a so-so year in 2009 with deposits showing increases, but member growth has climbed to 2.7% from 1.38% a year ago.
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