On-Site Coverage: Hostile Takeovers Not Possible Among Credit Unions, Says Veteran Attorney

LAS VEGAS — The concerns expressed by the industry’s trades and leagues on the impact of hostile takeovers among credit unions may be for naught, one veteran attorney said.

Bruce Jolly, partner with widely-known law firm Venable LLP and former counsel for CUNA, the Independent Community Bankers Association and the American Bankers Association, spoke yesterday at NACUSO’s annual conference on Nationwide Federal Credit Union’s merger with Nationwide Bank. Venable represented the credit union during the unprecedented merger. Jolly shared the legal and regulatory aspects of the deal. One of his handouts contained the statement “the myth of a hostile tender” under the section that asks “Nationwide FCU’s merger–a One Time Transaction?”