MWCUA & NWCUA Boards 'Strongly Recommend' Merger
If credit union members approve the proposed consolidation, it will create the first six-state association.
The boards of the Mountain West Credit Union Association and the Northwest Credit Union Association have unanimously voted to recommend the merger of the organizations, which would create the industry’s first six-state league serving more than 300 credit unions and their 12.3 million members.
Both organizations signed a letter of intent on Jan. 20, which kicked off what has been described as a comprehensive due diligence process conducted by the top leaders from both associations to determine the viability of a consolidation.
Because the due diligence process and its report has been recently completed, the MWCUA and NWCUA boards have unanimously agreed that merging the organizations will create a “stronger state and federal advocacy voice and exponentially expand resources available to member credit unions,” according to a Feb. 23 prepared statement from the NWCUA. On Feb. 25, the MWCUA posted a similar statement on its website.
Member credit unions of both associations will vote on whether to approve the merger.
“The boards declared they strongly support and recommend NWCUA and MWCUA merge to become one association,” according to the NWCUA’s prepared statement. “Per association bylaws, each member credit union will be able to cast one vote, with balloting open between March 31 and April 12.”
Throughout March, the associations will hold Town Halls to answer questions from member credit unions. Member credit unions must register to attend.
Because the due diligence report includes confidential information, it is only available to board members.
If approved by member credit unions, the merger will be finalized on June 30.