We've been seeing more and more news on credit unions buying banks these days, which got us wondering what's going on with this rising trend. So we invited the man behind many of these acquisitions Howard & Howard Partner Attorney Michael Bell.
Here's what we asked him:
What’s the latest here with credit unions buying more banks? (credit unions have acquired 21 U.S. banks since 2018 — compared to 12 the past five years)
What does this uptick mean for credit unions?
Example: Bank of Washington actually chose Sound Credit Union to purchase it — banks actually fielding offers from credit unions
Example: VyStar Credit Union in Florida buying Citizens State Bank in Florida?
Is this a trend that you see continuing to grow or is it just an anomaly?
NCUA Chairman Rodney Hood said he plans to introduce a rule later this year to clarify credit unions’ regulatory responsibilities when acquiring banks. Your thoughts?
Any advice for credit unions out there looking to acquire banks to grow?
Check it out and let us know your thoughts.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.