“The strong support we received in Rhode Island and New Hampshire with unanimous votes demonstrates the confidence our members have in this new model,” Gentile said. “The governance model has been thoughtfully crafted ensuring all states have a strong voice in the future of the association.”

Formal consolidation discussions began in December 2013 when the executive committees from the three leagues formed a committee to develop the groundwork for the merger proposal. Gentile said the merger was the next step in the evolution of the decades-long, three-league management agreement.

In 1985, Dan Egan, then president/CEO of the Massachusetts league, negotiated the industry's first management agreement with the New Hampshire league when it served 53 credit unions. The CUARI served 55 credit unions in 1992 when it also signed a management agreement with the Massachusetts league. Egan retired in January, but he was not involved in the merger proposal, according to Gentile.

David Surface, president/CEO of the $153 million St. Jean's Credit Union in Lynn, Mass., and Massachusetts league chair, said the committee invested time and thought in developing the new association's governance structure. The board will consist of five members from Massachusetts, two from Rhode Island and two from New Hampshire.

The board seats will be determined by using the average asset size of the credit unions in each state, Gentile said. To ensure equality, seats will be filled by those with both above and below average assets and there will be super majority provisions, meaning, no one state can dominate the other when key strategic issues are made, he explained.

Each league will maintain their local identities when meeting with local and state officials and will continue to support community programs and other initiatives in their respective states.

“[We'll] be known as New Hampshire credit unions while we are dealing with our local officials, state legislators, and local business partners. We'll be able to speak as a tri-state enterprise with a lot more influence that way,” Michael L'Ecuyer, president/CEO of the $390 million Bellwether Community Credit Union in Manchester, N.H., and New Hampshire league director, said.

David Suvall, president/CEO of the $250 million Rhode Island Credit Union in Providence, R.I., and CUARI chairperson, said credit unions in his state will benefit from the larger organization. “We are going to be 200 something credit unions, Rhode Island is now part of that power.”

Gentile said the new member dues formula will be based on asset size and credit unions will not see an increase. If a credit union is in the asset category between $50 million and $100 million, there is a factor applied to those assets.

“It's pretty simple and easy to figure out,” he said. “We didn't want a confusing dues formula.”