The Cornerstone Credit Union League will open its doors forbusiness on July 1.

The Credit Union Association of Oklahoma voted Tuesday to mergewith the Texas Credit Union League and the Arkansas Credit Union League to form the largest U.S. regionalcooperative organization, one that will serve more than 600 creditunions.

According to voting results, 49 credit union members voted forthe merger while 10 voted against it at CUAOK's annual conferenceand expo in Norman, Okla.

“Given the outcome of today's vote, it's quite clear thatOklahoma credit unions are progressive and forward-focused,” saysCUAOK President/CEO Gary Jones. “I'm very excited to have thevoting behind us because now we can focus on building theCornerstone Credit Union League.”

The Texas and Arkansas leagues approved the proposed merger inApril. While the new Cornerstone Credit Union League will notbecome effective until July 1, its new board of directors willbegin meeting to help ensure a smooth transition.

“This is truly a momentous occasion,” said Gina Wilson, CUAOKboard chair and CEO of the $491 million Oklahoma Central CreditUnion in Tulsa, of Tuesday's vote. “We've been discussing andworking toward this goal since last summer and it's wonderful tosee our efforts come to fruition.”

Credit union leaders in Arkansas, Oklahoma and Texas haveacknowledged that the consolidation of the leagues was inevitablebecause of the growing trend of mergers and acquisitions amongcredit unions.

With fewer dues-paying credit union members, it has becomeincreasingly difficult for smaller leagues such as Arkansas andOklahoma to keep up with rising costs and to deliver the productsand services credit unions need.

Proponents of the consolidation have said it will provide thecredit unions in Arkansas and the credit unions in Oklahomawith access to expanded products and services, and strengthencredit union advocacy, networking and educationalopportunities.

Other league consolidations are under way in North Carolina andSouth Carolina. Last week, the boards of directors of the SouthCarolina Credit Union League and North Carolina Credit UnionLeague voted to recommend that their member credit unionsapprove consolidation of the two leagues.

Although Cornerstone's operations will be based in Dallas, anoffice will remain in each state capital to advocate for creditunions in their respective state legislatures.

The new league's board will include three directors each fromOklahoma and Arkansas and 12 from Texas.

The inaugural board comprises from Texas: James S. Tuggle of the$39 million Transtar FCU in Houston; Kenny Harrington of the $188million MemberSource CU in Houston; Paul Withey of the $289million Texas Bay Area CU in Houston; Carol Murray of the $6million Express-News FCU in San Antonio; JoBetsy Tyler of the $58million First Central CU in Waco; Paul A. Trylko of the $612million Amplify FCU in Austin; Nancy M. Croix Stroud of the $42million First Class American CU in Forth Worth; Robert Peterson ofthe $87 million One Source FCU in El Paso; James L. Boyd of the$348 million Abilene Teachers FCU in Abilene; Z. SuzanneChism, of the $14 million Texas Health Resources CU in Dallas; KayStewart of the $124 million North East Texas CU in Lone Star andJim Brisendine of the $371 million Resource One CU in Dallas.

From Oklahoma, the Cornerstone board members will be: JasonBoesch of the $25 million Oklahoma RE&T Employees CU inOklahoma City; Gina Wilson of the $474 million Oklahoma Central CUin Tulsa and Michael Kloiber of the $2.9 billion Tinker FCU inOklahoma City.

From Arkansas, the Cornerstone board members will be WindyCampbell of the $10 million Electric Cooperatives FCU in LittleRock; Dwayne Ashcraft of the $64 million Arkansas Superior FCU, inWarren, and Allen Brown of the $106 million Mil-Way FCU inTexarkana.