Gallagher is the NAFCU Services Preferred Partner for Executive Benefits and Compensation Consulting.
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Key Takeaways:
- [01:01] The number of credit unions has been steadily decreasing for the past 20 years. In 2004, there were just over 9,000 credit unions and today there are about 4800 credit unions. There are a number of reasons for consolidation in the industry.
- [02:48] What can be said about the future of credit union mergers and acquisitions is that the conditions are right for increased activity.
- [04:57] If you lose key positions your availability to take care of your members is at risk.
- [06:49] From a non-monetary perspective it is simply the opportunity cost of losing members and tarnishing your reputation in the marketplace if the merger causes service issues.
- [07:25] The key consideration: Who do you need before, during, and after a merger to continue serving your existing and new members well?
Presented By
Liz Santos
Chief of Staff, Executive Benefits Practice | Gallagher
Liz Santos is the chief of staff of the Executive Benefits Practice at Gallagher. For more than 20 years, Santos has consulted with credit unions, trade associations, nonprofits, and financial services organizations to achieve their strategic goals. Prior to joining Gallagher Executive Benefits, she managed marketing for nonprofit associations. She also served as the marketing director for Congressional Federal Credit Union. She is a frequent speaker at credit union industry events and contributor to various publications. Liz earned her Bachelor of Science degree in civil engineering from Old Dominion University in Norfolk, Virginia. When she is not serving her clients, Liz is active in her community and is pursuing her goal of flyfishing in every state. She is based in Washington, DC.