League of Southeastern Credit Unions & Affiliates Announces Intent to Form Strategic Partnership with Virginia Credit Union League
The League of Southeastern Credit Unions & Affiliates (LSCU & Affiliates) and the Virginia Credit Union League (VACUL) have signed a letter of intent to strategically consolidate – entering an exploratory phase intended to create an industry-leading force for Alabama, Florida, Georgia, and Virginia credit unions.
“This opportunity brings together the strengths and resources of both organizations, solidifying a best-in-class trade association better equipped to serve the evolving needs of the credit union industry,” stated Richard J. “Rick” Skaggs, Chairman of the LSCU & Affiliates Board and President and CEO of USF Federal Credit Union. “This strategic move will enhance our advocacy efforts, expand services and solutions, and provide new opportunities for innovation.”
Virginia credit unions will be deciding whether or not to consolidate with LSCU, which would include the merging of both associations, foundations, and service corporations, with the results to be announced in November.
“With advocacy being at the core of our focus as an Association and Board, we believe this move to be in the best interest of credit unions as it will undoubtedly increase our advocacy impact and influence. We look forward to continuing our due diligence to identify a path forward that will be beneficial to all Virginia credit unions,” continued Jeff Bentley, Chair of the VACUL Board and President and CEO of Northwest Federal Credit Union.
If approved, the new organization would represent 386 credit unions and 31.5 million members. LSCU President Samantha A.M. Beeler would lead the new association with Steve Willis, President of LEVERAGE, leading the combined Service Corporation.
Joe Thomas, Chair of the VACUL Transition Committee, Immediate Past Chair of the VACUL Board, and President and CEO of NextMark Credit Union, added, “While we seek member feedback during this discovery phase, we remain committed to advancing our collective industry and serving our members with greater impact. We believe the Virginia Credit Union League and the League of Southeastern Credit Unions share the same vision for success for credit unions.”
“Our discussions and research thus far have unveiled a tremendous opportunity for Alabama, Florida, Georgia, and Virginia credit unions. Combining the most successful strategies, resources, and efforts of both organizations will ensure a brighter, more vibrant future for credit unions,” shared Olabode Anise, Chair-Elect of the LSCU & Affiliates Board and President and CEO of Azalea City Credit Union.
More resources and information on the proposed consolidation can be found here.