The merger game–its timing, procedures and practices–is comingin for new scrutiny and debate this month among a coterie ofanalysts and top credit union CEOs.

Some of the rhetoric over NCUA policies along with CEOfrustrations about weakened peers acting too late in solving theirproblems was triggered by last month's long-anticipatedconservatorship of the $318 million Telesis Community CU and its eventual management takeover by aCalifornia competitor.

“Most of the CEOs I talk to share a similar frustration aboutcredit union mergers and that is that those credit unions that areavailable are so distressed that by the time they are forced tomerge no one wants them,” said Henry Wirz, president/CEO of the $1.7 billion SAFE CU of NorthHighlands, Calif.

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