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: Credit union CEO says smaller lenders also need to merge to prosper

The U.S.’s credit unions typically stand apart from commercial banks because they often offer a more local connection to financial services and lower fees, but they’re becoming more like commercial banks in terms of their role in the M&A craze among lenders, which is hitting record levels this year.

The U.S. housed more than 6,000 credit unions four years ago but today it’s closer to 5,000, according to industry estimates. If it keeps up this pace, it’ll fall to as few as 2,500 over the next few years.


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