2024: Credit Unions ready to take on banks in battle for deals
Despite facing some challenges, credit unions are eager to expand their reach and expertise by acquiring banks. In 2023, credit unions were involved in a record number of bank deals, and this trend is expected to continue this year.
The interest in bank acquisitions is being driven by credit unions’ desire to diversify their offerings, especially in commercial lending. By acquiring banks, credit unions can tap into new #revenue streams and expand their services to include wealth management and trust services.
Although there may be some hurdles along the way, credit unions remain determined to pursue bank deals as a strategic move to strengthen their position in the financial market.
With the industry becoming more aware of the risks of concentration, credit unions see M&A as a way to mitigate these risks and ensure their long-term success.
