Nook’s Post

Members of Credit Union National Association and NAFCU (National Association of Federally-Insured Credit Unions) have voted in favor of approving the merger to form America’s Credit Unions. This is a historic moment for the industry. Learn more: https://hubs.ly/Q0287F8T0 #CreditUnion #FutureofMoney #FinancialBrands #Insights #MRX #MarketResearch

Ron Draper of Somerville's Credit Union brings to light the significant reality that credit unions face: the necessity of collaboration for survival. Operating in a world where needs are diverse, even extensive credit unions cannot cater to everyone. Through partnerships, strategic alliances and collaborations with CUSOs, credit unions can create a sustainable ecosystem in which to thrive. Ron shares his experiences and insights on how his credit union leveraged these alliances to make substantial progress. For information, check the link in the comments. #CreditUnion #Lending #Fintech

Top law firms Slaughter and May and Clifford Chance are guiding Nationwide's acquisition of Virgin Money, valued at £2.9 billion. Nationwide proposed an all-cash offer of 220p per share, representing a hefty 38% premium to Virgin Money's closing share price. The companies have preliminarily agreed on the takeover terms, aiming to create the UK's second-largest mortgage and savings group, boasting assets worth £366 billion. Clifford Chance advises Virgin Money, led by corporate partners David Pudge and Katherine Moir, while Slaughter and May represents Nationwide, with corporate partners David Watkins and Nick Pacheco leading the team. UBS serves as Nationwide's investment bank, with JPMorgan and Goldman Sachs advising Virgin Money. #LegalNews #MergersAndAcquisitions #Finance #BusinessGrowth

Merger activity, especially credit unions buying banks, is heating up this week. See how it lines up with where you are at. How does this effect you, your job, your career, your company? The patterns are similar to those we've seen: -Is it in the Midwest? YES -Is the bank or credit union acquired under $200 Million in assets? Again very close $267MM. -Is the acquiring bank or credit union under $10 Billion in assets? Yes, it is a $2.9B credit union. -Does the acquiring bank or credit union have a loan production offices as well? Unclear. -Does the acquistion gain access to a major metro area or a new state? Yes, it expands a presence in Chicago. Is your bank or credit union growing? Are you in the right place for your career? Does your company have the right talent to grow? #mergersacquisitionsdivestitures #merger #mergersandacquisitions #mergers #bankingindustry #banking #banks #bank #bankingandfinance #creditunions #creditunion #communitybanking #communitybank #job #career #careerdevelopment #careergrowth #careergoals https://lnkd.in/g4CiSYna

Picked up several thought-provoking tidbits from this piece. "First and foremost, you have to focus on growing. We’re in a competitive environment where everything is commoditized, so your focus needs to be on how you better serve your members. You have to invest in the technology your current members want and your future members will demand. And you’ve got to be smart about it, with a good strategy and plan behind everything you do." - B. Dan Berger I can't speak to all aspects of running a credit union, but I do know wealth management inside CUs. Study after study tells us that consumers trust credit unions more than almost any other type of financial institution. Placing a higher priority on your credit union's wealth management platform has proven to be one way to better serve CU members' needs that helps grow all lines of business inside the CU. If you run a credit union without an internally controlled wealth management platform, you are at a significant competitive disadvantage. Reach out if you want to learn more about how Compass Consulting can help with that. #compassconsulting #compassinsights #wealthmanagement #communitybanking #creditunions #responsibleinvesting https://lnkd.in/d8u47bJG

This week I celebrate 30 years in the Credit Union system (with a short hiatus as an independent financial advisor). I started my career with Westminster Savings, working through mergers with other Credit Unions like Dogwood & Maple Ridge Credit Union and now they are Prospera Credit Union. I am now with Interior Savings where we have had several mergers with Spruce Credit Union, North Peace and this week, after a merger with Gulf & Fraser we are excited to launch Beem Credit Union after the culmination of so much work amongst so many people. Here are 3 reasons why I choose to work for a Credit Union: 1. Profits stay with Members (customers), the business or the Community. Credit Union's don't worry about quarterly shareholders calls, billionaire shareholders or quarterly dividend payments. They work closely with the community, sometimes as a main sponsor, and sometimes just closing our branches and quietly working at non-profits or at homes of vulnerable seniors on Credit Union day. To see just a small impact, ask someone about Interior Savings (now Beem) million dollar bursary. 2. We are owned by our customers (members). Some companies say they are customer first, but Credit Unions truly put their money where their mouth is. The entire board of directors and every owner of a Credit Union is a customer. When you are speaking to the board, you are speaking to customers. The member's voice is always top of mind and always heard. 3. The Culture. When you are owned by members and your leadership is entirely made up of members, as employees, we have the privilege of truly being member first. The great thing is that everyone you work along side with (and I have and currently do work with some amazing people) has the exact same passion and privilege of being member-centric. This culture does not stop at the walls of the Credit Union. Credit Unions across the province and country have the same attitude and collaboration and sharing is key amongst Credit Unions. We have some great collaborations with Coastal Community, Summerland Credit Union and Osoyoos Credit Union. I have met so many member-centric credit union wealth leaders through our collaborations with Aviso Wealth I have been blessed with my 30 years and look forward to many more with Beem Credit Union. I wish everyone a very happy, healthy and prosperous 2024. #somechoicesmatter #creditunion

If your #creditunion has a Commercial Banking department or is thinking of starting one I highly recommend reading this. Great insights and perspectives from my co-contributors John Arnold, Matthew Earl, Joe Hyatt, Dan McCullough, Whitney Nicholas and Susan Rice. Many thanks to America's Credit Unions #LendingCouncil for sponsoring this publication. #secumd #CommercialBanking #commercialbanking

Sharing insights from Karen Davies EVP & Executive Managing Director of Specialty Banking at Huntington National Bank, on the burgeoning M&A landscape for 2024. With the Federal Reserve’s anticipated rate cuts, there’s a palpable uptick in deal flow, signaling a robust year ahead for mergers and acquisitions. The market’s confidence is evident from the large deals already executed in Q1. Despite political uncertainties, the pent-up demand is clear – the M&A window is opening up! For a deeper dive, check out her full discussion on Yahoo Finance. #MandA #Finance #MarketTrends #HuntingtonNationalBank

A deal announced this week marks the 13th U.S. bank-credit union merger in 2024, keeping the year on track for a record number of such transactions. Community banks are increasingly selling to larger banks and credit unions to manage rising regulatory and digital-banking expenses, while credit unions seek these acquisitions to scale up and diversify their operations. In one notable deal, Spokane Teachers Credit Union (STCU) in Washington, with $5.8 billion in assets, announced plans to acquire the $550 million-asset Community Bank in Oregon. STCU plans to retain all employees and maintain the bank's 10 branches, with the acquisition expected to close in early 2025. #creditunions #banks #bankingindustry https://lnkd.in/eH_yRj59

Exciting news! 🚀 Great Lakes Credit Union (GLCU) and encurage financial network Credit Union have announced plans to merge to enhance services for members and navigate the financial landscape. Pending approvals, this union will bring together 94,000+ members and $1.5B in assets. Stay tuned for updates! 🌐💙 #credituniondifference #FinancialInnovation