Search
 
Commentary

Consolidation Trend Continues for all the Right Reasons

The consolidation trend continues as more and more credit unions, small and large, healthy and troubled, consider merger as a legitimate strategic response to increasing competition for market share.

By Staff Writer | Updated on June 13, 2006

The consolidation trend continues as more and more credit unions, small and large, healthy and troubled, consider merger as a legitimate strategic response to increasing competition for market share.

There was a time when the idea of one credit union openly encroaching upon the field of membership of another credit union was considered if not unthinkable, unacceptable and contrary to the spirit of credit unionism. Those were the days when credit unions, collectively, were referred to as a “movement” and when government, state or federal, would step in whenever it appeared that one credit union’s expansion plan would adversely affect the financial welfare of another credit union. In those days, a traditional, single bond federal charter worried only about providing good service and a sufficient array of products to keep their members from turning to banks. That was worry enough. The concerns over those issues, coupled with effective lobbying, eventually resulted in the ability of credit unions to compete more effectively with local banks by offering their members many of the same products and services offered by banks, but at better rates and in a more personalized atmosphere. In those days, credit unions had little to fear from each other.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Why Your CU Needs a Chief Data Officer

Why Your CU Needs a Chief Data Officer

Henry C. Meier, Esq. |

There are too many data-related questions to answer and legal issues hanging around to not have a data chief at the helm.

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.