NEW CASTLE, Del.–The Delaware Credit Union League (DCUL) said it has voted to merge into the Cooperative Credit Union Association (CCUA), according to DCUL President/CEO Patrick Mahaney. The Massachusetts-based Cooperative CU Association represents CUs in that state, as well as Rhode Island and New Hampshire.
“We believe our members will truly and greatly benefit from this merger,” Mahaney said. “The merger will strengthen what we already have, adding more services and more wherewithal to do almost anything.”
Membership of both leagues must still vote to accept the merger for the plan to move forward.
"There's great value in the cooperative model we've established among the credit unions of Massachusetts, New Hampshire and Rhode Island,” said Paul Gentile, CCUA president/CEO, in a statement. “From advocacy and education to business services and our 'Better Values. Better Banking.' consumer awareness campaign, we strive as an association to deliver results, bring value and contribute to the success of our members. That's our commitment to them—our gold standard; one which we now hope to bring to the Delaware credit unions once the merger has been fully approved and ratified."
The Delaware league will hold an informational meeting for its members April 16 after its annual business meeting at Dover Downs.
If both leagues’ membership accept the merger plan, the CCUA and DCUL said they will form a joint merger committee to initiate a satisfactory due diligence process, which will include revisions in corporate governance and bylaws.