#3990: Solarity's Mina Worthington Talks the Synergy of What Makes a Good Merger Partner...

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Solarity Credit Union’s CEO Mina Worthington joined us on the show to talk mergers in today’s credit union landscape: credit unions merging with credit unions of equal size, the synergy of what makes a good merger partner, as well as credit unions buying banks.

In particular, Mina talked about strategic mergers should always be under consideration for large, healthy credit unions to consider. For example, the recent decision by Ent Credit Union ($9.9 billion, 560,000 members) and Wings Credit Union ($9.7 billion, 371,000 members) made perfect strategic sense as both credit unions are approaching $10 billion in assets -- which brings about a new set of rules with that asset milestone.

She also commented on Solarity's activities in the merger arena, adding that her credit union has three main objectives for a merger partnership:

• Most importantly, aligned by mission
• Secondly, provides measurable scale, meaning at least our size, preferably larger
• Third, expands current footprint and preferably, expands field of membership

Along with credit union mergers, Mina touched on credit unions buying banks and what that means for the industry moving forward as far as expanding footprints, services, proucts, and much more. But, as with any merger or acquisition, there are pros and cons to making these deals.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.