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The League of Southeastern Credit Unions (LSCU) and the Virginia Credit Union League (VCUL) said Tuesday they plan to merge, continuing the consolidation trend of the industry's state trade groups that began more than 19 years ago.
This is the first proposed merger agreement of state leagues since 2022 when the Heartland Credit Union Association merged with the Cornerstone Credit Union League that created a five-state trade group, and the Mountain West Credit Union Association joined forces with the Northwest Credit Union Association, which formed a six-state trade organization.
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The proposed consolidation must be approved by credit union members of VCUL and LSCU.
The Virginia league posted net assets of $9.6 million while LSCU, which serves Florida, Alabama and Georgia, recorded net assets of $41.1 million, according to their respective 2022 IRS 990 filings. In that year, VCUL's membership dues amounted to $1,712,021 and LSCU's membership dues totaled $4,856,857.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
