The League of Southeastern Credit Unions (LSCU) Board of Directors approved transferring $1 million to support strategic priorities benefitting member credit unions and the communities they serve last week.
“When LSCU and the Georgia Credit Union Affiliates consolidated in the fall of 2019, one the promises made was to increase efficiencies, while continuing to provide excellent association services to our affiliated credit unions,” said Patrick La Pine, LSCU & Affiliates CEO. “This value transfer shows that LSCU is doing just that. Promises made, promises kept.”
The LSCU Board approved a recommendation from management that $1 million from the League be transferred to support the following strategic priorities aimed at advancing the credit union movement in the Southeast:
“In the credit unions industry, we know first-hand the struggles individuals, business and many organizations are facing. While many businesses and different organizations are suffering due to the impacts of COVID-19, LSCU & Affiliates is using its recent consolidation with Georgia to gain efficiencies, provide an expanded suite of product and services to credit unions and grow.
We believe in sharing our success with our credit unions,” says Brian Akin, LSCU Chairman/CEO of North Georgia Credit Union. “The LSCU mission is ‘to create an environment that enables credit unions to grow and succeed.’ This is what living your mission looks like.”
This value transfer is another example of the ways in which LSCU & Affiliates has continued to use its resources to advance the cause of credit unions. Following the consolidation with the GCUA, LSCU & Affiliates was able to reduce expenses by more than $3 million while expanding its product and service offers to credit unions.
“As LSCU and its affiliate companies continue to grow, we are dedicated to providing value back to our credit unions through value transfers like these,” said LSCU Chair-Elect Kevin Johnson/CEO of Suncoast Credit Union.