LSCU and NYCUA suspend partnership
ALBANY, NY (August 1, 2016) — The League of Southeastern Credit Unions & Affiliates (LSCU) and the New York Credit Union Association (NYCUA) announced today that they have amicably agreed to suspend their collaborative partnership.
LSCU and NYCUA had signed a letter of intent in October 2015 to combine many of their operations into a jointly owned subsidiary that would house all of their back office functions and other functions that are not state specific, with the goal of being fully integrated by January 1, 2017. League Consolidated Services (LCS) would have been jointly owned and managed by both leagues.
At the conclusion of their joint LSCU/NYCUA board planning retreat last week in New Paltz, New York, it was the consensus of both association boards that alignment could not be achieved at this time and to suspend further integration.
“The leadership and staff of both organizations have worked extremely hard during the last year to make this vision a reality” said LSCU & Affiliates President/CEO Patrick La Pine. “Unfortunately, culture trumps strategy, and we were not able to move the project forward. I still believe strongly in the collaborative LCS model. While disappointed, my respect for the NYCUA and my admiration for its President/CEO Bill Mellin have not changed.”
“We’re all disappointed that this partnership did not come to fruition, but the opportunity to work through the process will make us much more prepared for future partnerships and collaborations,” said NYCUA President/CEO William J. Mellin. “LSCU is a strong organization, which is reflective of their strong leadership. I wish Patrick and his leadership team every future success.”
About The New York Credit Union Association
For more than 100 years, the New York Credit Union Association has served as the trade association for the state’s credit unions, which collectively hold more than $83 billion in assets and serve 5.9 million members. NYCUA strives to advance the credit union movement by advocating, educating, uniting and supporting the interests of all credit unions statewide. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit yourmoneyfurther.com.
The League of Southeastern Credit Unions & Affiliates
The League of Southeastern Credit Unions & Affiliates represents 270 credit unions in Alabama and Florida with a combined total of $71 billion in assets and more than 7.1 million members. LSCU provides advocacy and regulatory information; education and training; cooperative initiatives (including financial education outreach); media relations and information; and business solutions. For more information, visit www.lscu.coop. Follow the League on Twitter at twitter.com/LeagueofSECUs or Facebook.