Another credit union-bank deal, another misinformed complaint

Editor’s note: The following is a letter from Scott Earl, president and CEO of the Mountain West Credit Union Association, in response to an article published in American Banker.

As president and CEO of the Mountain West Credit Union Association representing 117 credit unions, I would like to clear the air about a recent American Banker article predicting a slowdown in the number of credit unions purchasing banks.

The article quoted Christopher Williston, president and CEO of the Independent Bankers Association of Texas, regarding Alaska USA Federal Credit Union’s recent deal to buy bank branches in Phoenix. Williston questioned what reason an Alaskan credit union would have for being in Arizona.

I’m hoping to clear up some details regarding the credit union and its growth plan in the Phoenix-metro area. Alaska USA currently has eight operating locations in Arizona. Those locations serve an estimated 61,000 members.


continue reading »