Credit union mergers don't always have to be quickie marriages or emotionally driven consolidations.
Just ask Larry Kelly, president/CEO of the $1.3 billion Apple FCU of Fairfax, Va., who detailed a "very methodical and well thought-out process" by a troubled Virginia peer which hired a St. Louis consultant a year ago and came up with 60 prospects as CU suitors.
The consultant's client, the ailing $186 million Synergy One FCU of Manassas, "definitely was in a stressful situation" and was apparently urged by the NCUA to find a merger partner, said Kelly.
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