MONTEREY, Calif. — The California/Nevada Credit Union Leagues have now joined the industry chorus lambasting the hostile takeover bid of Minneapolis-based Wings Financial Federal Credit Union to merge with Continental Federal Credit Union of El Segundo.
"We do not believe an out-of-state-based credit union should be telling members what is in their best interests, what's a good value and what is not, " declared William Cheney, the president/CEO of the leagues addressing last week's Big Valley Educational Conference here.
Wings' unsolicited offer, he told conferees, "is not in the best interests of the credit union or the credit union community" and he accused Wings management of being out-of-line by telling Continental "what is of value" in their CU.
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