Members of the Cooperative Credit Union Association in Marlborough, Mass., approved a merger agreement Friday with the Delaware Credit Union League, creating the nation's first four-state trade organization.
The association's Monday announcement came after the members of the Delaware Credit Union League voted unanimously to consolidate on June 9.
The Cooperative association also stated its members in Massachusetts, New Hampshire and Rhode Island overwhelmingly approved the consolidation with the Delaware league.
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The Cooperative association did not respond to a CU Times request regarding the number of member credit unions that voted and the final vote count for and against the consolidation.
New Cooperative association board members that will represent the Delaware credit unions will be Joel Romaine, COO of the $124 million Community Powered Federal Credit Union in Bear, and Jerry King, president/CEO of the $256 million DEXSTA Federal Credit Union in Wilmington.
The merger will add 18 Delaware credit unions to the 180-member credit union roster of the Cooperative association.
Paul Gentile, president/CEO of the Cooperative association, said advocacy decisions and initiatives will be made locally by Delaware credit union members.
"We believe deeply that those advocacy decisions need to be made locally by the members in each state," he said. "We support those local advocacy decisions with our highly skilled advocacy team and resources. Delaware member credit unions will chart their course for advocacy starting July 1. They also will maintain their identity through the Delaware Credit Unions brand."
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
