Proposed merger of southern leagues is under way
It may be one of the worst kept secrets in the credit union industry.
Unconfirmed rumors have been circulating since last year about a proposed merger of the Georgia Credit Union League with the League of Southeastern Credit Unions that represents Alabama and Florida cooperatives.
But the first public acknowledgement of the proposed consolidation did not surface until April soon after the Pennsylvania Credit Union Association and the New Jersey Credit Union League announced their merger agreement, which was recently ratified by member credit unions in each state.
“As the strategic consolidation between the LSCU & Affiliates and Georgia Credit Union Affiliates advances toward a definitive action by our board and membership, I want to make sure that all of our Alabama and Florida affiliated credit unions have an opportunity to learn more about the value proposition and post-consolidation structure you are asked to vote,” LSCU President/CEO Patrick LaPine wrote in a blog post on April 15.
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