Credit Unions Go On Bank Buying Spree
By Lalita Clozel
Credit unions are buying small banks in record numbers, a trend that is prompting pushback from the banking industry. Credit unions have acquired 21 U.S. banks since 2018, according to S&P Global Market Intelligence, compared with 12 purchases in the prior five years. …“The substantive mission-driven aspects of the credit union charter that are supposed to make them unique and justify many taxpayer benefits have eroded, if not ended,” said Karen Shaw Petrou, whose firm Federal Financial Analytics Inc. published a report in June about credit unions commissioned by the American Bankers Association.