Arizona, Colorado, Wyoming Leagues Explore Merger
Membership vote is scheduled for first quarter 2011.
The Arizona Credit Union League, Credit Union Association of Colorado, and Credit Union Association of Wyoming have signed a letter of intent to merge.
Each league’s board of directors agreed to pursue a three-state merger with a focus on how to best provide ongoing benefits and service to their member credit unions. The three organizations will take the next few months to determine a final business plan, develop an organizational structure, and then seek membership approval.
While no official timeline has been developed, a membership vote is required and could be scheduled for first quarter next year. If the merger is approved, Scott Earl, president/CEO of the Arizona Credit Union League, will become the CEO of the new entity.
The Colorado Association owns its building, therefore Denver has been selected as the location for the newly-formed organization’s headquarters. Offices will continue to be staffed and maintained in Phoenix and Casper.
“The work is just starting,” says Earl. “We will be forming committees to review funding and governance, and staff will be looking at how efficiencies can be achieved. However, ultimately the approval of the merger is in the hands of our member credit unions.”
The Arizona Credit Union League serves 51 Arizona credit unions, representing more than 1.6 million members and $12 billion in assets.
The Credit Union Associations of Colorado and Wyoming represent 80 Colorado credit unions, 25 Wyoming credit unions, and more than 1.8 million credit union members in both states—one in three Colorado and Wyoming citizens.