COLUMBIA, S.C., and RALEIGH, N.C. (Filed at 4:50 p.m. ET 5/9/13)--In independent meetings held today, the boards of directors of the South Carolina Credit Union League and North Carolina Credit Union League voted to recommend that member credit unions in both states approve consolidation of the two leagues.
The votes acknowledge that the resulting league would be stronger and better positioned to serve credit unions in the Carolinas for years to come, said the leagues.
The new league would draw financial strength and stability from a broader base of credit unions to serve, a solid equity position, and league service corporations with track records of success. Consolidating staff from both organizations would allow the new league to enhance its delivery of core association services: advocacy, compliance and professional development.
"Our board sees great promise in bringing together these two leagues," said NCCUL Chairman Maurice Smith. "Consolidation provides clear value and sets us on a path to successfully meet the changing needs of credit unions in the Carolinas."
Each league will share details with its member credit unions in May and June. Final membership votes in each state are expected by September with a proposed effective date of Jan. 1, 2014 for the new league.
"Our board has concluded that a consolidated league creates a financially strong organization that can deliver powerful and effective advocacy in Columbia, Raleigh, and Washington, DC for years to come," said SCCUL Chairwoman Faye Crocker. "We are excited about this opportunity and look forward to sharing more about our vision for the new league with credit unions in the coming weeks."