CEO Advisory Group
How Small Credit Unions Benefit From Mergers
Today’s financial market is extremely competitive and most smaller banks and credit unions face a difficult uphill battle in trying to survive among their larger competitors. The larger a credit union is, the more resources it has at its disposal, and the more able it will be to thrive in the challenging financial climate.
One of the best ways for a smaller credit union to remain competitive is to enter into a merger with a larger credit union. Growth is essential for every credit union to be successful and a merger is among the fastest and easiest ways to grow. In addition to just increasing the size of a credit union, mergers are very helpful for any small credit union in need of more clients, larger budgets, more employees, or better technological resources.
Small credit unions understand that their limited size causes many challenges. Those challenges include operating expenses, marketing, product development and diversity, fewer locations, and smaller staffs. Every small credit union should consider the merger option as a method of growth and success. Doing so will allow for the creation of more jobs, the ability to offer higher wages and more benefits to employees, supply people with more loans, and so much more.
This infographic clearly illustrates the challenges of a smaller credit union in today’s harsh competitive market as well as the incredible benefits that they stand to gain by merging with a larger credit union.
The Pressures of Being a Small Credit Union
