The Maryland & DC Credit Union Association has been considering a possible merger with the New Jersey Credit Union League as Credit Union Times first reported last Tursday.
"The missions of the two associations are aligned. MDDCCUA and NJCUL are focused on advocacy as their core purpose," PAHO/WHO FCU CEO Miguel Boluda, who is chairman of the Maryland league, said. He added that the merged organizations would add value for the members in the areas of advocacy, education and compliance.
McGraw-Hill FCU CEO Shawn Gilfedder, the NJCUL chairman, said he believes the merger will create a more effective association at a crucial point for credit unions. "Both associations have made tremendous strides in advocacy in recent years. Combining resources provides opportunities to leverage the strengths of each association and deliver even more value to the combined membership," he said.
The two groups listed an enhanced consumer awareness campaign, strong legislative and regulatory advocacy and educational events.
As the process moves forward, the two leagues will continue under normal operations. NJCUL President/ CEO Paul Gentile would run the merged association if it is approved.
The merger is in line with league trends. Similar restructuring is taking place on the West Coast and in the mid-continent with new alignments set up as part of a cost-cutting drive among leadership of the trade groups.
"This is similar to the linkup of the Colorado and Arizona leagues in which the Colorado league was recruiting for a new CEO and found one in Scott Earl," said one industry insider, referring to the president/CEO of the Arizona League and former CUNA executive who was picked to run the soon-to-be-consolidated Arizona, Colorado and Wyoming leagues.
A similar scenario is playing out this year with the joining of the new Northwest Credit Union Association, combining the Credit Union Association of Oregon and the Washington Credit Union League. John Annaloro, the veteran CEO of the Washington group, had indicated his plans to retire.
As for Maryland-DC, its leadership has been formally searching for a new CEO since last November, following the departure of Michael Beall, who left to become CEO at the Missouri CU Association.
N.J., Md. Merger Dance
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|Title Annotation:||Must Reads|
|Publication:||Credit Union Times|
|Date:||Mar 2, 2011|
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