Credit Union Merger Fails

I noted here on May 26th that the Keys Federal Credit Union (our bank since 2004) was merging with the Dade County Federal Credit Union.

Mysteriously, and with very little information as to why, the Dade County FCU backed away from the merger, keeping KFCU under the supervision of the National Credit Union Association.

There doesn't appear to have been a Plan B in place.  Nevertheless, we're OK with leaving our deposits where they are, since they are well below the NCUA deposit insurance that covers them.

It seems to me that a membership organization, which KFCU is, owes its members some kind of explanation or, if not them, the NCUA, but I guess bank secrecy has some kind of exemption from that rule.  God knows, the Federal Reserve is a model for that.

Maybe we'll take a trip to the mainland and stay at a Red Roof Inn.