In a recent article on Credit Union Journal, the topic of credit unions acquiring banks is something that has become more and more common. Ever wondered why these type of acquisitions are growing? In today's world, mergers within the credit union industry are very common and the ultimate goal for the huge change is to expand/ become more noticeable within the area and have an everlasting strong bond with their members. Creating a presence in the lending efforts with the banks is a priority to retain and can be the primary source of business.
“Until relatively recently, growth option ideas for credit unions were seemingly limited to geographical expansion or merger. However, once reforms were made to the Dodd-Frank Act, regulatory burdens placed on all financial institutions resulted in a more creative and aggressive growth stance at many credit unions.”
Having the ability and chance to merge with another credit union or a bank is something that needs a lot of planning and a friendship between the higher ups to have that strong bond. Interested in reading more about this post? Make sure you head over to Credit Union Journal to learn and understand more about his ongoing topic.
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