As a credit union leader, you’ve determined that proceeding with a merger is the best way to grow your financial institution. Perhaps you’ve even identified some potential merger partners. Now the question arises: How do you start the conversation?
Credit union executives contributed their insights on this topic in a three-part white paper from DDJ Myers, “More for Members: Credit Union Leaders Plan Post-Pandemic Merger & Acquisition Strategies.” Here are their five suggestions for getting the merger conversation started.
- Start by building trust. Often the trust-building process begins with conversations between CEOs, who seek to achieve a comfort level with each other and explore whether their cultures are compatible. Brandon Riechers, CEO, $3.5 billion Royal Credit Union, Eau Claire, Wisconsin, concedes that this process takes time. “Deals have been struck on first meetings, based on first impressions, but more often, they happen over the long term,” Riechers says.
continue reading »