Given what has happened on the corporate scene, the consolidation of the Florida and Alabama Credit Union Leagues looks today to be a rather prudent, "far sighted" move, according to the new chairman of the League of Southeastern Credit Unions.

Although the two events, the corporate crisis and the combination of the two leagues, are basically unrelated, the fact is uniting of the two trades demonstrates anew the need for CUs to find economies in how industry support groups operate, declared Richard Helber, the LSCU head and executive vice president/chief financial officer of GTE FCU in Tampa.

"It is clear to me that directors of the two leagues understood the macro trends affecting credit unions," said Helber arguing that while the "mortgage meltdown" may have started well before the consolidation talks became serious in hindsight a regional league looks to be a wise decision.

Helber, elected as LSCU chairman April 6 by a newly formed executive committee drawn from both leagues, said the hunt for a CEO of the fledgling league is now underway and should be complete by "the middle or end of June" prior to the retirement of both CEOs of Guy Hood and Gary Wolter, the respective CEOs of the Florida and Alabama leagues.

Both veteran league managers "are pretty flexible" about leaving but expect to help out in training a new LSCU chief, said Helber. Formal operation as a joint league is slated to start by year-end and sources speculate the headquarters will be in Tallahassee.