Banks and credit unions are responding to the effects of the pandemic differently: banks are focused on consolidating while credit unions are expanding. In fact, credit unions opened 1,523 branches in September 2019, compared with 4,727 closed bank branches during the same period. Banks are looking for buyers for their branches, while credit unions are working to fill “banking deserts,” or areas with no financial institutions within a 10 mile radius.
In this episode of the “Credit Union RX 2020” podcast series, we brought together Neil Archibald, Chief Operating Officer for Members Trust Company, and Kathy Courtney, Chief Operating Officer of Greenstate Credit Union, to discuss the benefits of entering bank acquisition transactions with a third-party acquisition partner. They explain how working with a partner helps credit unions overcome barriers they face during the acquisition process and ultimately helps them better serve members.
Click the player to hear their discussion.
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