Hello,
While I am coming at this from a position of almost zero knowledge, I was wondering has there ever been a voluntary liquidation of a Credit Union (CU), with net assets distributed to the members ?
Has anyone ever explored the possibility of going this route, rather than be "compelled" to merge, despite being in good financial health ?
Personally, I think it might be an option worth considering for smaller credit unions, if they do not want to be forced into a merger, simply due to lack of scale (and by extension, resources to deal with such things as compliance and reporting). In time, no doubt a larger CU would then take over the area or other common bond which previously held the original CU together.
While I am coming at this from a position of almost zero knowledge, I was wondering has there ever been a voluntary liquidation of a Credit Union (CU), with net assets distributed to the members ?
Has anyone ever explored the possibility of going this route, rather than be "compelled" to merge, despite being in good financial health ?
Personally, I think it might be an option worth considering for smaller credit unions, if they do not want to be forced into a merger, simply due to lack of scale (and by extension, resources to deal with such things as compliance and reporting). In time, no doubt a larger CU would then take over the area or other common bond which previously held the original CU together.