Cornerstone League and Heartland Credit Union Association (HCUA) members have voted in favor of a merger between the organizations. Of the 283 members who voted, 263 Cornerstone and HCUA members have voted in favor of the merger, clearing the path for the consolidation of the two entities.
HCUA members voted Oct. 24-28 while Cornerstone’s members voted in a special membership meeting on Monday morning. The final tallied results: HCUA members voted 121-17; Cornerstone members voted 142-3.
“In merging with Heartland Credit Union Association, we’re building upon our experience as a three-state league to chart the new frontier for the league system,” said Cornerstone League Board Chairman James Boyd. “Our combined entity will strengthen Cornerstone’s value proposition to its members and usher in fortified credit union advocacy and member service.”
“The only way for a league to gain scale is to combine with another league, since there are more credit union mergers than de novos these days,” said Cornerstone League President/CEO Caroline Willard. “We began this merger process with credit unions top of mind and as we work toward a successful consolidation, will continue to be guided by our commitment to our members’ success. Together with our expanded team and membership, Cornerstone League will achieve scalability and unprecedented value proposition.”
“The HCUA Board of Directors is grateful to our members for their commitment and trust during this process to arrive at this important decision,” said James Nastars, Heartland Credit Union Association’s board chair and president/CEO of Meritrust Credit Union in Wichita, Kan. “We look forward to networking with a larger group of peers with even more perspectives and opportunities for collaboration that serves credit union members.”
“The Heartland Credit Union Association appreciates the support of our membership to merge into the Cornerstone League,” said Lisa Althoff-Simmons, HCUA interim CEO. “As a five-state league, we will both enhance our regional impact and maintain a local, customized approach to the events, training, and resources that we provide to our member credit unions.”
Now that the due diligence process, town hall meetings, and membership vote are over, the organizations will continue to work through the critical business of merging, which has been in process for several months as they prepared for a positive voting outcome.
The organizations are preparing to be fully integrated by Dec. 31, 2022 under the Cornerstone League brand, led by President/CEO Caroline Willard.
For merger details – including a timeline and archived articles – visit the merger FAQ page on the Cornerstone website.