Content area
Full Text
Corporate Conglomeration Eyed ST. LOUIS-The ongoing consolidation of the corporate CU network would take a new turn under a proposal by Missouri Corporate CU.
The $900 million corporate has proposed combining with six other midwestern corporates to form a giant institution to compete with other regional corporates.
The conglomeration was proposed by Missouri Corporate President Dennis DeGroodt and would merge corporates in Kansas, Nebraska, Iowa, Minnesota, Montana and North Dakota, and Missouri to form a corporate with almost $3 billion in assets.
DeGroodt is also asking that members of Nebraska Corporate FCU reconsider the proposed merger with Suncorp FCU in favor of his regional initiative.
DeGroodt said he has invited representatives of the six other corporates to meet this summer to discuss the idea further.
"Our big thought here," he told The CU Journal, "is really the representation issue." He noted that after mergers are completed, members of the corporate that has been merged out often loses its board representation.
Charter Flight Reversed In May ALEXANDRIA, Va.-NCUA said it approved three conversions to federal charters last month and only one conversion to state charter, the first month in two years that more credit unions opted for the federal charter.
Approved for federal charters in May were: Energy Family...