TALLAHASSEE, Fla. — The Florida and Alabama Credit Union Leagues moved ahead Thursday with consolidation of the two trade groups next year.
Directors of both trade groups formally endorsed a merger plan and settled on a proposed name, the League of Southern Credit Unions.
In a statement issued jointly here and in Birmingham, the two leagues said the combination "would give credit unions a bigger voice in the political deliberations in Montgomery, Tallahassee and Washington, while providing members a wider selection of business services and creating efficiencies of $1 million or more per year."
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The statement said the two boards approved the consolidation plan at separate meetings this week though the merger plan has been in the works since early this year amidst a shrinking member base and a desire to achieve economies of scale for both leagues.
The veteran CEOs of both organizations, Gary Wolter of Alabama and Guy Hood of Florida had previously announced retirements for next June and July.
The consolidation plan will be presented to the membership of both groups in special membership meetings in early March. The consolidated entity would represent 332 CUs in the two states with assets of $55 billion. At least one neighbor state league, Georgia Credit Union Affiliates, said it had been part of early negotiations but has no plans to linkup. Officials said GCUA would be watching how the consolidation proceeds before deciding whether or if it would join a regional trade group.
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