Cornerstone League & Heartland Credit Union Association Members Vote to Merge
The consolidation, which will create a five-state trade group, is set to take effect on Dec. 31.
The Cornerstone League and the Heartland Credit Union Association said Monday their members voted in favor of a merger between the organizations that will take effect on Dec. 31.
Caroline Willard will lead the five-state trade group that will operate under the Cornerstone League brand.
Of the 283 members who voted, 263 Cornerstone and HCUA members voted in favor of the merger and 20 members voted against.
The HCUA’s credit union members in Kansas and Missouri voted on Oct. 24-28 while Cornerstone’s members in Arkansas, Oklahoma and Texas voted in a special membership meeting on Monday morning. In the final tallied results, HCUA members voted 121-17 and Cornerstone members voted 142-3.
“In merging with Heartland Credit Union Association, we’re building upon our experience as a three-state league to chart the new frontier for the league system,” said Cornerstone League Board Chair James Boyd, who also serves as president/CEO of the $603 million Abilene Teachers Federal Credit Union in Abilene, Texas. “Our combined entity will strengthen Cornerstone’s value proposition to its members and usher in fortified credit union advocacy and member service.”
Willard, who is president/CEO of the Cornerstone League, said since there are more credit union mergers than de novos, the only way for a league to gain scale is to combine with another league.
“Together with our expanded team and membership, Cornerstone League will achieve scalability and unprecedented value proposition,” she said.
James Nastars, the HCUA’s board chair and president/CEO of the $1.8 billion Meritrust Federal Credit Union in Wichita, Kan., said he is grateful to member credit unions for their commitment and trust during the process to arrive at this important decision.
“The HCUA board of directors is looking forward to networking with a larger group of peers with even more perspectives and opportunities for collaboration that serves credit union members,” he said.
Lisa Althoff-Simmons, the HCUA’s interim CEO, said the new five-state league will enhance the organization’s regional impact and maintain a local, customized approach to the events, training and resources for member credit unions.