The ghostly lessons learned by some CUs

They are memories that haunt credit union leaders to this day–simultaneous conversions, branches in “un-nice” places, and even a “Boogie Man Of Ambition.” They’re also the kinds of ghoulish lessons in management those same leaders say they will take to their graves.

As Halloween arrives, in this the first of a two-part series, credit unions share their Tales of Terror with, telling chilling stories about some of the decisions the CU has made over the years that have come back to haunt the organization.

At least two credit unions that have ultimately avoided the graveyard of decisions gone bad said they have learned that attempting to do too much—or reach too far—can lead to nightmarish results.

In San Bernardino, Calif., the $85-million Thinkwise FCU still fears the “Boogie Man of Ambition,” and swears that bugaboo won’t come rapping its bony fingers on its doors again.


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