Better Together: A special note from Cornerstone CEO Caroline Willard

After Cornerstone’s recent announcement about a possible merger with Heartland Credit Union Association, feedback from our members has been overwhelmingly supportive. I want to offer our Leaguer readers a quick update on where things stand now.

As a reminder, a merger between the two organizations would create a five-state league serving up to 718 credit unions and 14 million members. A letter of intent was signed between both parties, and the due diligence process has begun.

Along with my executive management team, I have committed to providing consistent communication with our members as developments arise and as roundtable discussions are conducted around the region. Since the announcement, I have personally chatted with members at the Houston CEO Roundtable, the Small Credit Union Committee, and with a group of third-year SCMS students on the TCU campus.

It’s important to keep in mind that credit unions have been adapting to changes with competition and consumer behavior, and Cornerstone’s infrastructure for supporting our credit unions must evolve to keep pace with those changes. We feel strongly that partnering with HCUA can help both organizations not only evolve to align with the times, but also to lead the way.

To optimize our long-term value proposition, HCUA and Cornerstone are always in search of ways to bring value to the membership. Fortunately, both organizations are financially healthy, share political and cultural similarities among our five states, and we are perfectly aligned in our commitment to a healthy membership and a sustainable industry.

Additional benefits to Cornerstone and HCUA members include:

• Even more effective advocacy, as regional oversight can improve federal coordination on local threats from banking trades
• A larger talent pool with diverse experiences, creating opportunities for innovation and adding bench depth
• Greater efficiency means less reliance on dues dollars, keeping credit unions’ costs as low as possible
• Additional opportunities for products and services
• Customized member support and education in each geographic market
• A robust engagement infrastructure that will extend senior management’s reach
• Expanded member networking options

In combining our organizations’ strengths, Cornerstone and HCUA can preserve the unique role of financial cooperatives in the marketplace, strengthen our influence as a larger regional league, and offer an enhanced value proposition that greatly benefits our members.

Members of the Cornerstone leadership team and I will be on site at select events this summer to open a dialogue with our members and answer questions. Watch your inbox for invitations. I look forward to speaking with you soon.