LSCU board votes to give $1M value transfer in support of member CUs
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:
- $220,000 will go toward CUNA’s National Advocacy Fund, which helps promote credit-union-friendly candidates at the federal level. This represents the 2021 fair share goal for Alabama, Florida and Georgia credit unions.
- $250,000 will be used to supplement the donations made by credit unions to LSCU’s three State Political Action Committees, which helps elect credit-union-friendly candidates to the state legislatures and other statewide elected offices.
- $80,000 will be moved to LSCU’s Small Asset Size Credit Union Voucher Program, which will increase from $500 to $1,000 for each eligible credit union with less than $50 million in assets to use toward any LSCU educational event or LEVERAGE product or service.
- $450,000 will help fund the Southeastern Credit Union Foundation’s Community Spark Projects that will launch in all three states this year aimed at developing a leave behind project that demonstrate the credit union philosophy of “People Helping People.”
“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.