The Delaware Credit Union League board of directors said Thursday it intends to merge with the Marlborough, Mass.-based Cooperative Credit Union Association.
Both trade organizations have been discussing the consolidation for many months, according to a statement released by the Cooperative association.
The Delaware league, one of the smallest independent trade organizations in the nation with about 20 credit unions, has seen its revenues decline over the last few years. Industry consolidation trends have forced other small state leagues to merge in recent years.
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In October 2014, the New Hampshire Credit Union League and Credit Union Association of Rhode Island merged with the Massachusetts Credit Union League to form the Cooperative association.
The Delaware league collected $246,711 in membership dues in 2014, down from $284,511 in membership dues in 2012, according to the league's IRS 990 documents. The Delaware league's total revenue also slid from $327,294 in 2012 to$305,176 in 2014.
The Cooperative and Delaware trade groups will form a joint merger committee to conduct a due diligence process, which will include revisions in corporate governance and bylaws.
In addition, representatives from the Cooperative association will be meeting with Delaware's credit unions over the upcoming weeks to answer questions regarding services, dues, educational offerings and other topics.
According to the prepared statement, members of the Delaware league and the Cooperative association will be voting on the proposed merger. The dates of that vote were not released.
The newsletters of both trade organizations will update members on the merger's progress.
"We strive as an association to deliver results, bring value and contribute to the success of our members," Cooperative President/CEO Paul Gentile said in a prepared statement. "That's our commitment to them – our gold standard, one which we now hope to bring to the Delaware credit unions once the merger has been fully approved and ratified."
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
