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Decision 4 of 6 · An approach

We have been approached. What now?

An approach from another credit union is a reason to review every option, not only the one on the table. How the board responds in the first weeks shapes what follows.

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The guide

[Guide title on responding to an approach]

Glenn Christensen · CEO Advisory Group

[What the guide helps a board decide]

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Four paths, compared fairly

What each path protects, and what it asks.

No path is right for every credit union. A board that has looked at all four can defend whichever it chooses.

  • Remain independent

    Protects
    The charter, the name, local governance and the current leadership structure.
    Asks
    Enough earnings and growth to fund technology, talent and succession without help.

  • Merger of equals

    Protects
    A shared say in leadership, board seats and the combined name.
    Asks
    Two cultures and two boards willing to give up some control to gain scale.

  • Join a larger credit union

    Protects
    Members' services, staff careers and the local presence, with more resources behind them.
    Asks
    Choosing the partner carefully, and negotiating what continues locally.

  • Grow by acquisition

    Protects
    Independence, by adding scale through another credit union or a community bank.
    Asks
    Capital, integration capacity and a partner or seller willing to engage.
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