Mountain West and Northwest CU associations explore proposed merger
The boards and executives of the Mountain West Credit Union Association and the Northwest Credit Union Association said Tuesday they have begun a due diligence process to explore merging the two organizations, which would create the Premier League of six industry states comprised of 308 credit unions. and 12.3 million members.
After MWCUA CEO Scott Earl announced late last year his intention to retire in June 2022, the MWCUA succession committee began discussing next steps for the organization. , which represents credit unions in Arizona, Colorado and Wyoming.
“As a committee, when many choices were possible, we quickly aligned on a choice that would answer the question of accelerating the pace of change,” said Mike Williams, Succession Committee Chair and President/ CEO of the $304 million Colorado Credit Union in Littleton, said in a prepared joint statement. “Credit unions need advocacy today and we believe exploring a merger with NWCUA sets us up for rapid and exponential impact. People need credit unions, and we need to position ourselves to serve even more people through powerful advocacy.
The NWCUA represents credit unions in Idaho, Oregon and Washington.
Todd Marksberry, MWCUA board chairman and president/CEO of the $3.6 billion Canvas Credit Union in Lone Tree, Colo., said if full due diligence reveals a merger will be beneficial to all member credit unions, the boards of directors of both associations will encourage their members to vote for consolidation in the spring. If the merger is approved, the merger would become official no later than June 30, 2022.
NWCUA President/CEO Troy Stang would lead the six-state association, according to the prepared joint statement.
“When credit unions unite their voices, they can better ensure that relevant services and continued value are available to all consumers,” Stang said. “By leveraging the strengths of both associations, member credit unions can expect a more influential voice in federal advocacy and impactful results in hyper-local state legislative advocacy.”
The scope of the proposed merger would include exploring the consolidation of former professional association and foundation service companies.
Marksberry also said the partnership would honor the finest and time-tested traditions of both organizations and their member credit unions, creating what he described as the credit union association of the future.
This is the first state association consolidation proposed since January 2020, when the Pennsylvania Credit Union Association and the New Jersey Credit Union League merged as the CrossState Credit Union Association.