ANAHEIM, Calif. — In a session that would have been taboo five years ago, the California and Nevada Credit Union Leagues Annual Conference was home to a session on merger strategies.
Cutting through the noise and getting to the heart of the matter, Dave Gunderson, CEO of the $595 million Credit Union of Southern California, said that credit union management and volunteers must do two things: 1) ensure the long-term safety and soundness of the credit union and 2) continue to seek ways to provide benefits to the membership and employees.
Credit unions need to look at whether a partnership with another credit union would be a plus to those affected; for many, it will not. But for those facing succession management issues, compliance challenges and wanting to offer new services to their members, a merger can be a relatively quick way of doing that.
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