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CU System
Filene report 12485 CU mergers from 1971-2008
MADISON, Wis. (8/14/09)--The pace and types of credit union consolidation will increase over the next several years, according to a recent Filene Research Institute report that examines merger activity.
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The study, “Characteristics of Credit Union Mergers: 1984-2008,” analyzes a database of credit union mergers from 1984 to the present. Researchers Luis G. Dupico and James A. Wilcox found that about 12,485 credit union mergers took place between 1971 and 2008--which translates to 2.3% of credit unions per year. The number of credit unions peaked at 23,866 in 1969, compared with 8,147 in 2008. During 1984-2008, credit union mergers transferred members and assets from institutions that didn’t perform as well as peer institutions on average. The assets of the target credit unions totaled $37.3 billion during 1984-2008. The report also touches on the influence of events such as the savings and loan crisis, regulatory changes, and the 1980 recession. “Credit union mergers are unlikely to fade away in the foreseeable future,” said Filene Chief Research Officer George Hofheimer. “Competitive, economic and regulatory factors all point toward a more intense external environment.”
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