In line with trade group trends, the South Carolina Credit Union League is downsizing its board next year from 14 to seven and extending director terms to three years.
The move, approved at a special Oct. 28 membership meeting, takes effect next April. It is aimed at reducing an unwieldy board size "and follows governance within a number of state leagues," said a spokesman for the 79-member league.
To execute the change, each current league director will resign April 17 during the trade group's annual meeting and then the membership will elect new members. The change, as adopted by an amendment to bylaws, provides for future election cycles by staggering terms of successful candidates. Three seats will have three-year terms, two will have two-year terms, and two will have one-year terms.
Reconstitution of the league board arose "in light of the declining total number of credit unions in South Carolina," said a statement. A study by SCCUL executive officers of other leagues "and the ratio of directors to member institutions followed." Based on the study, the league said it recognized that "the board makeup had remained the same since the number of credit unions eligible for league membership peaked at 202 in 1978."
Separately, the league said its search for a new president/CEO is ongoing "with the field narrowed down to about 10 candidates." The final pick will succeed Garry Parks, who is retiring at year-end. Parks had announced plans to retire last spring.
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