A proposed merger of the credit union leagues of the Carolinas has officially gotten under way.
The boards of directors of the South Carolina Credit Union League and North Carolina Credit Union League voted Thursday to recommend that their member credit unions approve consolidation of the two leagues.
The leagues did not release the vote count.
Each league will share details of the consolidation with its member credit unions in May and June, according to a joint statement. The member credit unions are expected to vote on the merger question by September.
If the member credit unions approved the consolidation, the new league would be created on Jan. 1, the statement said.
“Our board sees great promise in bringing together these two leagues,” said NCCUL Chair Maurice Smith, president/CEO of the $1.2 billion Local Government FCU in Raleigh. “Consolidation provides clear value and sets us on a path to successfully meet the changing needs of credit unions in the Carolinas.”
Faye Crocker, SCCUL board chair and CEO of the $12 million Greater Abbeville FCU, said, “Our board has concluded that a consolidated league creates a financially strong organization that can deliver powerful and effective advocacy in Columbia, Raleigh and Washington, D.C. for years to come. We are excited about this opportunity and look forward to sharing more about our vision for the new league with credit unions in the coming weeks.”
In December, the leagues formed a task force to assess whether a consolidation would position both organizations to continue meeting the needs of the nearly 90 credit unions in North Carolina and the 69 credit unions in South Carolina.
In addition to the proposed merger of the North Carolina and South Carolina leagues, member credit unions of the Credit Union Association of Oklahoma are expected to vote next week to consolidate with the Texas Credit Union League and the Arkansas Credit Union League, which already have approved that proposed merger. If Oklahoma credit unions approve the merger, the three leagues will operate under the Cornerstone Credit Union League.