The League of Southeastern Credit Unions’ (LSCU) Board of Directors approved reinvesting more than $1 million into programs that are paramount to credit unions future success and the communities they serve. This will be the second value transfer in 2021, totaling more than $2 million reinvested in a single calendar year.
“One of the objectives for LSCU’s for-profit holding company, Affiliates Consolidated Services (ACS), is to ‘directly or indirectly provide value back to parent company and its shareholders’”, stated LSCU & Affiliates CEO, Patrick La Pine. “These value transfers provide additional resources targeted at LSCU identified strategic priorities that will fuel future growth for our member credit unions. These allocations will undoubtedly enhance the credit union community as a whole and advance our legislative priorities both at the state and federal level.”
“We are committed to providing resources and programs that provide value back to our credit unions, especially as they continue to navigate the lingering effects of the COVID-19 pandemic,” said Kevin Johnson, LSCU Board Chair and President/CEO of Suncoast Credit Union. “As we transition into 2022, LSCU & Affiliates is proud to share in our financial success with member credit unions to their benefit. We are stronger together.”
The LSCU Board approved the following transfers which will advance the causes of affiliated credit unions in Alabama, Florida, and Georgia:
In February 2021, the LSCU Board of Directors transferred $1 million to a variety of credit union friendly programs including $220,000 to the Credit Union National Association’s (CUNA) National Advocacy Fund, $250,000 to LSCU’s three State PACs, $80,000 to LSCU’s Small Asset Size Credit Union Program, and $450,000 to the Southeastern Credit Union Foundation’s Community Spark Projects.