The trend toward state league consolidation picked up new momentum Tuesday with plans by the Credit Union Associations of Colorado and Wyoming to pursue a formal merger ending a 12 year old management compact in which Wyoming CUs were served out of the Colorado group's Denver offices.
Officials of the two trade groups said the planned merger and formation of a new organization, yet to be named, reflects ongoing moves by CUs to pare budget expense and achieve "economies of scale" during a period of trade consolidation across the industry.
Last month, the Florida and Alabama Leagues formally constituted the regionally-focused League of Southeastern Credit Unions set to begin full scale operations by year-end.
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"There is no guarantee that a formal merger will occur," declared Larry Knopp, chairman of the Wyoming group and president/CEO of Uniwyo CU of Laramie in citing a letter of intent signed by directors of the two leagues. "In this time of consolidation of credit unions, our members want us to pursue ways to continue providing them high quality association services while looking for new ways to operate more efficiently and effectively."
Douglas Ferraro, chairman of the Colorado association and president/CEO of Bellco CU of Greenwood Village, said the trend toward fewer CUs shows no letup which therefore means, "fewer leagues." "Colorado and Wyoming are fortunate to have already formed a close bond, which makes these discussions both easier and hopefully more successful," said Ferraro pointing to the 1997 management pact between the two associations.
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