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Three Northeastern Leagues to Vote on Consolidation
Tuesday, October 21, 2014 6:00 AM

Throughout 2014, the boards of the Massachusetts Credit Union League, the New Hampshire Credit Union League, and Credit Union Association of Rhode Island have been working on a merger framework to officially consolidate their three trade associations. They are set to vote this month to determine whether the merge will officially take place.

"The merged league will be called the Cooperative Credit Union Association," said Paul Gentile, president/CEO of the three trade groups. "We believe there are great synergies and great opportunity by bringing these three associations together and now is the right time to so."

Member credit unions of the Credit Union Association of Rhode Island voted 28-0 last week and member credit unions of the New Hampshire Credit Union League voted 26-0 Wednesday in favor of the consolidation, Gentile said. Electronic voting for member credit unions of the Massachusetts Credit Union League opened Wednesday and in-person voting will be held Oct. 22.

If approved, this merger will be the eighth league consolidation since 2007.

"The governance model has been thoughtfully crafted, ensuring all states have a strong voice in the future of the association," Gentile said. "The core tenet of local representation resonated with our members. We have a structure in place to ensure local advocacy is not only strong, but enhanced with our model."

The board will consist of nine members:  five from Massachusetts, two from Rhode Island, and two from New Hampshire, Gentile said. Each state will have representatives from a large credit union and a small credit union.

"Another important thing with the governance is there will be super majority provisions," Gentile said. "That means no one state can dominate the other when (we decide) key strategic issues."

Although the three leagues will form a larger organization, they will maintain their local identities when meeting with local and state officials. They also will continue to support charities, community programs, and other initiatives in their respective states.