During the first quarter of the year, the NCUA approved 54 mergers across 30 states, which was significantly higher than the 41 mergers approved at the end of the first quarter in 2015.
However, the NCUA final tally of completed mergers last year totaled 235, which was considerably lower than the 257 completed mergers in 2014, 254 completed consolidations in 2013, and 277 in completed consolidations in 2012. In 2011, there were 238 completed mergers and in 2010, 197 consolidations were consummated.
In general, community banks and credit unions are right to believe that their efforts have paid off in engaged customers and members. But too often, those customers or members think of their banks or credit unions as merely hospitable places to store money. They don’t consider them trusted financial advisers. They go to big-money banks for big-money advice, such as retirement, insurance and investment products.
National banks may have a smaller percentage of engaged customers, on average, than community banks and credit unions do. But they do just as well as, if not better than, community banks and credit unions in several product/service categories, and they have a significant edge for credit products.