Welcome to episode 48 of the CU 2.0 Podcast.
Circle the date, October 26. Las Vegas. That’s when Susan Mitchell, a longtime credit union consultant, is convening another meeting of the Credit Union Underground, this time in parallel with Money 20/20, probably the meeting of the best and brightest in the disruptive quadrant of financial services.
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Welcome to episode 47 of the CU 2.0 Podcast.
Randy Karnes just may be the poster boy for the cooperative entrepreneur. In the process, he may also have come upon the formula that will enable many hundreds – perhaps thousands – of small credit unions to thrive in the 21st century.
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Welcome to episode 46 of the CU 2.0 Podcast. In this podcast, Kordeleski tells why this is a time of immense, perhaps unprecedented opportunity for credit unions. Use digital and use data to allow your institution to expand in ways that a generation ago would have been unimaginable.
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Welcome to episode 45 of the CU 2.0 Podcast. In this podcast, you will hear his recipe for credit union success.
Call this the credit union oral history sequence – Blaine, Bucky Sebastian, now Gary Oakland who took over BECU, with around $700 million in assets, in the mid-1980s and when he left in 2012 it had become a $10 billion+ credit union, one of the nation’s very biggest.
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Eight times so far this year a credit union has bought a bank, according to Credit Union Times’ count. Some deals are small – Verve, for instance, paid $43 million to buy South Central Bank in Chicago.
Some are bigger such as Arizona Federal Credit Union’s buy of Pinnacle Bank in Scottsdale with its $236 million in assets. No details on the purchase price have been released.
In Florida – where the recent credit union buying a bank trend kicked off in 2015 when Achieva Credit Union bought Calusa Bank for $23.2 million — there have been three buyouts of banks by credit unions so far this year.
In the Chicago area, there also have been three purchases of banks by credit union so far this year.
This isn’t an entirely new phenomenon. The first deal dates to July 2011 when United FCU bought Griffith Savings Bank in Indiana.
And the deals keep coming.
Continue reading “Credit Unions Buying Banks: Good, Bad, or Plain Ugly?”