Peter Duffy’s message is plain: The pace of mergers will get fatter and it will involve credit unions of all sizes, from the small to the mega institutions. First Tech and DCU may seem an outlier but now there is ENT and Wings and the pace will keep up, says Duffy who now has joined SRM.
Will the chaos and uncertainty in Washington DC slow the merger pace? Duffy thinks not, indeed the pace may quicken.
That’s because, says Duffy, economies of scale are now the Holy Grail of financial institutions. Bigger is a competitive advantage, he says.
He does make one surprise prediction: he believes the number of credit unions deals with banks will decrease. Listen to hear why (and it doesn’t have much to do with ICBA’s caterwauling).
