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Key Takeaways:
- [01:31] When we think about the merger landscape it is everything, everywhere all at once. We are seeing mergers continuing of smaller credit unions into larger ones. We now have mergers of peers really emerging quickly.
- [02:01] We just had a record year in 2022 in terms of the credit union commitments or stated commitments to buy banks.
- [02:45] Last year was larger in credit union mergers than the year before and the year before that. The pace isn’t really slowing.
- [03:55] We are going to continue to see consolidation accelerate.
- [06:58] Board seats are the new capital. Board members for the most part are volunteers and care very deeply about the legacy and the heritage they have created.
- [07:30] There is a board composition integration challenge with some mergers. Sometimes we see leadership team challenges as well. For the most part, the integration challenges revolve around technology and operations.
- [08:07] Those kinds of integration challenges (technology and operations) really come to the fore very quickly in merger discussions.
- [11:46] NAFCU and the NCUA have a wealth of merger-related resources available to help credit unions navigate the process.