The $2.7 billion Wings Financial Credit Union, a former foe of Continental Federal Credit Union, said it is pleased to hear of the proposed merger between Continental and Alliant Credit Union.
On Sept. 2, the $7 billion Alliant CU in Chicago announced it had reached an agreement to merge with the $170 million Continental FCU in Tempe, Ariz. following approval from their respective board of directors. Pending regulatory approval, the merger is scheduled to be complete in January 2011.
"We have long believed that a merger would best serve the interests of Continental's members and would create greater service opportunities for the entire aviation community," said John Wagner, vice president of marketing at Wings Financial, in a statement. "As a result, we're pleased to hear of the proposed Alliant/CFCU merger and will be following its progress with interest."
In March 2007, the Apple Valley, Minn.-based Wings attempted what some described as the CU industry's first hostile takeover attempt of Continental FCU. After more than a month of campaigning to make it happen, NCUA put an end to the merger attempt saying Wings overstepped Federal Credit Union Act regulations when it offered $200 payments to Continental's members if the merger went through. Wings has since partnered with several airlines to serve their employees.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.