Maryland, DC Credit Union Group and New Jersey League Decide Against Merger
After several months of studying the idea, the Maryland and DC Credit Union Association and New Jersey Credit Union League have decided not to merge.
The MDDCCUA also said it will move ahead in hiring a new CEO.
The two groups had said in February they were considering a merger and since then have done due diligence on the issue through separate committees, a study that led them to decide to stay independent, they said last week.
"While the merger committees found some compelling reasons to merge and regionalize as is occurring with leagues in other parts of the country, the boards determined at this time the best course of action for affiliated member credit unions was to remain independent. With much discussion between both parties it was decided the timing of a merger was not optimal," the MDDCCUA said in its weekly newsletter to its members.
Leadership of both groups lauded the exploration effort in the announcement that they had decided go their separate ways.
"It was an open, interactive process between both associations. The committees did an excellent job exploring the organizations and identifying the positives and negatives in merging the two well-established associations," Shawn Gilfedder, NJCUL chair and CEO of the $256 million McGraw-Hill Federal Credit Union in East Windsor, N.J., said in a joint statement.
After reviewing financial, operational and governance issues, the board determined that the best course was to not merge, said MDDCUA Chairman Miguel Boluda Jr., CEO of PAHO/WHO Federal Credit Union in Washington.