LANSING, Mich. — In the latest evidence of consolidation among the credit union trades, the Michigan Credit Union League announced Tuesday it has reached an agreement to start managing the Michigan Association of Credit Unions.
"This alliance is a natural progression given the incredible rate of consolidation within the credit union industry," declared David Adams, the president/CEO of the Michigan League in commenting on the two-year pact to run the 22-member MACU.
In a formal statement, the Michigan League said Linda Schepperly, the long-time president/CEO of MACU, which has its headquarters in Bay City will retire March 1 with Adams taking over that job.
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"The agreement provides MACU credit unions access to the MCUL's services while keeping the MACU structure and board of directors in place until December 31, 2010," said the statement adding "this will provide oversight for the transition and also assures that MACU credit unions' needs are met."
In taking note of merger activity, an apparent factor in the consolidation, Adams also said the CU merger trend "puts pressure on associations to provide value for the dues dollar."
"This alignment will provide value to MACU credit unions, which will benefit from access to a broader suite of services," said Adams whose league represents 90% of the state's 350 CUs.
James Henmueller, MACU chairman and CEO of the $85 million Chief Pontiac FCU, said "economic times and the merger trend" are indeed factors in the planned consolidation stressing however, that it is "a test drive" to see how MACU members accept the agreement.
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