Bizarre hookup of Maine and Illinois credit unions collapses

retailisking · September 24, 2019, 05:18:56 PM

This was a head-scratcher from the start
https://www.pressherald.com/2019/09/24/westbrooks-infinity-federal-credit-union-cancels-merger-with-illinois-credit-union/

JimSawhill · September 24, 2019, 06:36:20 PM

Quote from: retailisking on September 24, 2019, 05:18:56 PM
This was a head-scratcher from the start
https://www.pressherald.com/2019/09/24/westbrooks-infinity-federal-credit-union-cancels-merger-with-illinois-credit-union/

I know that American Eagle FCU (fka East Hartford Aircraft FCU) had (or has) an office in Columbus, Georgia.

retailisking · September 25, 2019, 12:29:59 AM

Quote from: JimSawhill on September 24, 2019, 06:36:20 PM
I know that American Eagle FCU (fka East Hartford Aircraft FCU) had (or has) an office in Columbus, Georgia.

That makes sense as that credit union was founded to serve Pratt & Whitney employees. Nowadays Kinetic Credit Union serves P&W employees in GA. Single-employer credit unions are almost extinct as it's prohibitively expensive to provide the services today's members demand and expect and comply with increasingly complex regulations with such a narrow field of membership.