Matthew Sanna, MBA

We provide a historical perspective to the recent market pullback and provide evidence showing the risk-reward backdrop appears to have improved.

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To say this is infuriating is an understatement. I drive by this bank every day. Credit Unions were initially formed to serve the unbanked and underserved, those with a common bond in a community, yet there are no requirements to prove they are indeed meeting these needs unlike banks who are subject to such rules as the Community Reinvestment Act. I do not believe for one minute this SC Credit Union truly wants to meet the needs of the underserved and underbanked in WV. They want to use their tax exempt nonprofit status to likely pay all cash (the details of the agreement I do not know) to buy a tax paying bank at likely a much higher than market price. This goes far beyond the initial mission of credit unions designed to serve people of modest means within a community. It’s time to stop these types of out of state acquisitions of community banks by tax exempt credit unions. With the relaxation and/or lack of membership requirements and expanded services these CUs offer it’s time to call the spade and eliminate the tax exempt status of these ever growing credit unions expanding well outside their traditional fields of membership.

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6 Comments

What do you think? The 11th whole bank purchase by a credit union so far this year... Regardless of where you stand on the issue, I find the number and size of acquisitions quite interesting. A few distressed banks, CUs looking to expand commercial portfolios, creating scalability and size for regulatory compliance and certainly more reasons exist. 2024 is certainly turning into a unique year for financial institution growth and consolidation! #creditunion #merger #acquisition #bank #NCUA #FDIC #compliance #ABA #CUNA #ICBA

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