by: Glen Christensen
Mergers are transforming the credit union landscape. It is, therefore, ever more important for credit union leadership to be addressing the impact of mergers as part of their strategic planning.
The NCUA has clearly pronounced the duties of credit union directors including (1) responsibility for the overall direction of the credit union and (2) demonstrating good faith effort in acting in the best interests of the membership, and (3) administering the affairs of the credit union fairly and impartially.
We have found the mergers can be particularly challenging issue for credit unions directors to address whether it be as an acquirer, merger of equals, or as the merged entity. Often issues arise because the board has not focused on this issue in a comprehensive manner from a strategy perspective.continue reading »