Friday, December 7, 2012

Carolinas' credit union leagues could merge

The credit union trade associations in North and South Carolina are pondering merging into one.

The North Carolina Credit Union League and South Carolina Credit Union League have formed a joint task force that will convene in January to figure out what a consolidation would look like.

The credit union leagues advocate for their members at the state and federal government, keep them up to date with legal compliance issues and aid with professional development.

The change comes as South Carolina league CEO Steve Fowler plans for retirement at the end of next year. It also comes as smaller credit unions are consolidating as well.

"It seems to make sense to be more efficient on the trade association side, as well," North Carolina league CEO John Radebaugh said.

The two groups already share compliance staffs and use the same firm for accounting and human resources, he said.

A combination could find more efficiencies  For example, instead of each sending a lobbyist to Washington, they could send just one to represent both states, Radebaugh said.

Alabama and Florida's credit union leagues have already merged. So have Arizona, Colorado and Wyoming's.

North Carolina credit unions have more than 3 million members and $37 billion in assets. South Carolina's credit unions have 1.4 million members and $10.6 billion in assets.