PCUA, NJCUL members vote to approve merger
Pennsylvania Credit Union Association (PCUA) President/CEO Patrick Conway today announced the affirmative vote of the memberships of both PCUA and New Jersey Credit Union League (NJCUL) ratifying the Definitive Merger Agreement to create a new trade association – the PA/NJ Credit Union Association.
The new organization will bring together the strengths of two storied trade associations to enhance value to credit unions in both states, and will represent one of the largest regional credit union trade associations in the country.
“This is an exciting day for credit unions in both Pennsylvania and New Jersey,” said Jeff DeBree, PCUA Board Chair and president/CEO of Penn East FCU, Scranton, Pa. “I would like to thank my fellow PCUA and NJCUL board members as well as our member credit unions in both states for their support of this new organization.”
“This is a new and exciting chapter for both of us,” said Andy Jaeger, NJCUL Board Chair and president/CEO of Credit Union of New Jersey, Ewing, N.J.. “Joining forces with our good friends in Pennsylvania will lead to more growth and opportunity for the credit unions in both states. I thank my colleagues on both the NJCUL and PCUA boards as well as our member credit unions for their support.”
The two Boards of Directors entered into a non-binding letter of intent to bring the two organizations together in December 2018. On March 8, the boards signed a Definitive Merger Agreement, pending ratification by member credit unions in both states.
Voting was open from May 1 to May 15, and at the close the membership of both PCUA and NJCUL voted in favor of the Definitive Merger Agreement as per requirements set out in their respective bylaws. The rest of 2019 will be used to integrate the two organizations with the combination becoming effective no later than Jan. 1, 2020.