Credit Union Magazine - January 2009 - (Page 34) will have nly O mad growth ma er e the stay embtte d ll Aeal m over time. In most cases, these credit unions note attrition also pared board seats even when the boards initially expanded seats to reflect postmerger memberships. Cultural adjustments will hit every level of the organization, from board volunteers to front-line staff. For example, a CEO who knew every employee by name before the merger may miss that familiarity in the new organization. Some executives are pushed down the management chain, forcing them to decide whether to accept new assignments or seek positions elsewhere. Even a teller whose job title or work site stays the same must adapt to serving different members with different tools or services. Retaining employees often is a bigger issue than eliminating redundant positions. Givens suggests using the “buddy system” to pair employees of the continuing and merged credit unions so they can share insights. “It helped hold my employees in place until the merger was completed, which is an important consideration. If everybody quits three months out, you’re trying to sustain membership and service levels and all of a sudden this merger looks bad to the member,” Givens says. He recommends offering a merger “bonus” as a financial incentive for key employees who stay until a specified date after the merger. In short, “you can’t communicate enough,” Givens says. e he deal mad have made t 6 We should have made the deal. It’s natural to regret “the one that got away,” but CEOs suggest credit unions should reject some merger proposals due to: u Incompatible fields of membership or geographic territories; u Differences in strategic goals; u Strong board or management resistance; or u Cultural differences, such as yoking a traditional credit union with one that has moved to 34 CREDIT UNION MAGAZINE ÑJANUARY 2009 Ñcuna.org http://www.cuna.org
Table of Contents Feed for the Digital Edition of Credit Union Magazine - January 2009 Credit Union Magazine - January 2009 Contents On My Way Leading Edge Spotlight President's Perspective Game Plan Washington Insider Wright Stuff Executive Suite Reverse Mortgages Come of Age Six Merger Myths Leading-Edge Lenders TwentyFour/Seven Bankruptcy Compliance Tools of the Trade Trendlines Rates & Ratios Council Corner Shoptalk System Scan Marketplace Branching Out Advertiser Index Credit Union Magazine - January 2009 Credit Union Magazine - January 2009 - Credit Union Magazine - January 2009 (Page Cover1) Credit Union Magazine - January 2009 - Credit Union Magazine - January 2009 (Page Cover2) Credit Union Magazine - January 2009 - Credit Union Magazine - January 2009 (Page 3) Credit Union Magazine - January 2009 - Credit Union Magazine - January 2009 (Page 4) Credit Union Magazine - January 2009 - Credit Union Magazine - January 2009 (Page 5) Credit Union Magazine - January 2009 - Contents (Page 6) Credit Union Magazine - January 2009 - Contents (Page 7) Credit Union Magazine - January 2009 - Contents (Page 8) Credit Union Magazine - January 2009 - Contents (Page 9) Credit Union Magazine - January 2009 - On My Way (Page 10) Credit Union Magazine - January 2009 - On My Way (Page 11) Credit Union Magazine - January 2009 - Leading Edge (Page 12) Credit Union Magazine - January 2009 - Spotlight (Page 13) Credit Union Magazine - January 2009 - President's Perspective (Page 14) Credit Union Magazine - January 2009 - President's Perspective (Page 15) Credit Union Magazine - January 2009 - Game Plan (Page 16) Credit Union Magazine - January 2009 - Game Plan (Page 17) Credit Union Magazine - January 2009 - Washington Insider (Page 18) Credit Union Magazine - January 2009 - Washington Insider (Page 19) Credit Union Magazine - January 2009 - Wright Stuff (Page 20) Credit Union Magazine - January 2009 - Wright Stuff (Page 21) Credit Union Magazine - January 2009 - Executive Suite (Page 22) Credit Union Magazine - January 2009 - Executive Suite (Page 23) Credit Union Magazine - January 2009 - Reverse Mortgages Come of Age (Page 24) Credit Union Magazine - January 2009 - Reverse Mortgages Come of Age (Page 25) Credit Union Magazine - January 2009 - Reverse Mortgages Come of Age (Page 26) Credit Union Magazine - January 2009 - Reverse Mortgages Come of Age (Page 27) Credit Union Magazine - January 2009 - Reverse Mortgages Come of Age (Page 28) Credit Union Magazine - January 2009 - Reverse Mortgages Come of Age (Page 29) Credit Union Magazine - January 2009 - Six Merger Myths (Page 30) Credit Union Magazine - January 2009 - Six Merger Myths (Page 31) Credit Union Magazine - January 2009 - Six Merger Myths (Page 32) Credit Union Magazine - January 2009 - Six Merger Myths (Page 33) Credit Union Magazine - January 2009 - Six Merger Myths (Page 34) Credit Union Magazine - January 2009 - Six Merger Myths (Page 35) Credit Union Magazine - January 2009 - Leading-Edge Lenders (Page 36) Credit Union Magazine - January 2009 - Leading-Edge Lenders (Page 37) Credit Union Magazine - January 2009 - Leading-Edge Lenders (Page 38) Credit Union Magazine - January 2009 - Leading-Edge Lenders (Page 39) Credit Union Magazine - January 2009 - Leading-Edge Lenders (Page 40) Credit Union Magazine - January 2009 - TwentyFour/Seven (Page 41) Credit Union Magazine - January 2009 - TwentyFour/Seven (Page 42) Credit Union Magazine - January 2009 - Bankruptcy (Page 43) Credit Union Magazine - January 2009 - Compliance (Page 44) Credit Union Magazine - January 2009 - Compliance (Page 45) Credit Union Magazine - January 2009 - Tools of the Trade (Page 46) Credit Union Magazine - January 2009 - Tools of the Trade (Page 47) Credit Union Magazine - January 2009 - Trendlines (Page 48) Credit Union Magazine - January 2009 - Rates & Ratios (Page 49) Credit Union Magazine - January 2009 - Council Corner (Page 50) Credit Union Magazine - January 2009 - Shoptalk (Page 51) Credit Union Magazine - January 2009 - Shoptalk (Page 52) Credit Union Magazine - January 2009 - Shoptalk (Page 53) Credit Union Magazine - January 2009 - Shoptalk (Page 54) Credit Union Magazine - January 2009 - System Scan (Page 55) Credit Union Magazine - January 2009 - Marketplace (Page 56) Credit Union Magazine - January 2009 - Advertiser Index (Page 57) Credit Union Magazine - January 2009 - Branching Out (Page 58) Credit Union Magazine - January 2009 - Branching Out (Page Cover3) Credit Union Magazine - January 2009 - Branching Out (Page Cover4)
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