NCUA policy on selection of merger partners for both voluntary and involuntary mergers is coming under harsh new scrutiny this month. The now-completed Utah consolidation is the focal point of both concern and controversy marked by complaints that a group of spurned Utah credit unions–some were potential bidders–were effectively eliminated.
Meanwhile, the successful bidder in June for the NCUA-conserved $139 million SouthWest Community FCU of St. George accused unnamed Utah CUs of being "cry babies" in complaining to the agency over what was described as favoritism to big East Coast CUs and overlooking key data in shutting out local suitors.
"It's time these guys grow up and comprehend this is the real world of business since no one hands you opportunities-you have to seek them out," said Ronald Burniske, president/CEO of the $1.6 billion Chartway FCU of Virginia Beach, which on June 30 won NCUA approval to merge SouthWest into Chartway's 60-branch, 10-state network following a liquidation procedure.
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