In Colorado the industry took more of a political approach and with the able help of our bankers associations convinced the State Banking Division that it was not in the best interest of the banking industry to permit such transactions; which holds at least for now.
Scott Yeoman
President & COO
First American State Bank
8390 East Crescent Parkway, Suite 100
Greenwood Village, Co 80111
Fax: 303-694-4429
Office: 303-694-6464
Mobile: 719-660-7809
Please use this link to upload sensitive information:
http://Firstamericanstatebank.leapfile.net
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Original Message:
Sent: 11/1/2021 11:27:00 AM
From: Barb Rehm
Subject: Tuesday Topic: Would You Sell to a Credit Union?
More than half of senior bank executives surveyed – 53% to be precise – said they would not sell to a credit union, even if it were the highest bidder, according to a pending IntraFi Network survey. Bankers in the Midwest were even more adamant, where 63% said they would refuse to sell to a credit union. (The survey will not be out until later this month, but American Banker got an early preview. If you can't read the American Banker story, it was also covered in BankBeat here.)
Where do you stand on this? I get that most bankers fall somewhere on the frustrated-to-outraged scale on the question of credit unions buying banks, but fiduciary duty is a bedrock of banking so I figure when faced with the decision, versus answering a survey, a much higher percentage of bankers would simply take the best offer. But let me know what you think, please!
And if you want to know what else bank executives revealed in IntraFi's most recent survey, you can read the preliminary results here.
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Barb Rehm
Senior Managing Director
IntraFi Network
Arlington VA
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