DALLAS — Calling credit union "hostile" takeovers "a serious and imminent threat," the Texas Credit Union League's board has vowed to do all it can to support the targeted credit union.
The board has unanimously adopted a resolution outlining its position on hostile takeover actions of their member credit unions. It states that any hostile takeover attempt is "'a serious and imminent threat' warranting 'strong countermeasures' on the League's part. Those actions included 'vigorously defending' credit unions and their charters, and 'strongly' admonishing the actions by supporting credit unions to the fullest extent possible."
"The role of the Texas Credit Union League is to protect and advance the cooperative structure of the Texas credit union movement," said Dick Ensweiler, the league's president/CEO. "We believe that any hostile takeover attempt of a credit union poses a serious and imminent threat to our future."
The resolution also said the league will work closely with CUNA and the Texas Credit Union Department "to ward off unwelcome suitors."
"These hostile takeover actions do not promote the deep-rooted 'people helping people' philosophy that founded and nurtured these great institutions," Ensweiler said.
Last week, the Texas Credit Union Commission received a proposed rule from the league that prohibits a credit union from offering a merger inducement to another credit union's members as a means of promoting a merger of the two credit unions. The commission has asked for comment letters on the proposal.
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