With credit union acquisitions of banks on the rise, the ABA has gone on the offensive, charging credit unions with using tax advantages and expanded reach to raid the community banking industry. Many cooperative leaders have countered that banks are simply trying to sully the reputation of credit unions as consumers embrace the member-focused, service-oriented culture for which the movement is known.
True, the number of bank acquisitions by credit unions nationwide is growing, yet it’s hardly a buying spree. Bank and thrift deals increased from an average of three per year during 2014-2017 to 16 in 2018 and 18 in 2019, according to data from Callahan & Associates. Callahan has been following the trend as it unfolds, and this Callahan Collection looks at how credit unions are evaluating acquisition opportunities, merging staffs, onboarding bank customers, and more.
With credit union acquisitions of banks on the rise, the ABA has gone on the offensive. Sound CU shares why its recent purchase of The Bank of Washington makes good business sense and its strategies for onboarding former bank customers, employees, loans, and more.
Three cooperatives share how they transitioned bank customers after the credit unions became part of the community bank-buying trend.
Thinking of buying a bank? Check out these best practices and insights from credit unions in the know.
The credit union charter saved an ailing Indiana bank, retained local ownership, and assuaged community concerns regarding employment and sustainability.
After gaining 11 branches and numerous financial relationships from a local bank, Royal Credit Union hit the ground running.
The advantages of mergers and acquisitions extend beyond balance sheet growth, and United is diligent about identifying opportunities that offer the best fit.
How Royal Credit Union managed the largest and most ambitious acquisition in the industry’s history and, perhaps, changed the future of credit union expansion.