Cornerstone League and Heartland Credit Union Association (HCUA) members voted to merge the organizations. Of the 283 members who voted, 263 Cornerstone and HCUA members voted in favor of the merger, paving the way for the consolidation of the two entities.
HCUA members voted Oct. 24-28 while Cornerstone members voted at a special meeting of members Monday morning. The final results were tabulated: HCUA members voted 121-17; Cornerstone members voted 142-3.
“In merging with the Heartland Credit Union Association, we are building on our experience as a tri-state league to chart the new frontier of the league system,” said James Boyd, Chairman of the Cornerstone League Board of Directors. “Our combined entity will strengthen Cornerstone’s value proposition to its members and usher in enhanced advocacy and member service for credit unions.”
“The only way for a league to grow is to combine with another league, because there are more credit union mergers than de novos these days,” said the president and CEO. Cornerstone League management, Caroline Willard. “We began this merger process with credit unions in mind and as we work towards a successful consolidation, we will continue to be guided by our commitment to the success of our members. With our expanded team and members, Cornerstone League will achieve unprecedented scalability and value proposition.
“The HCUA Board of Directors is grateful to our members for their commitment and confidence during this process to come to this important decision,” said James Nastars, Chairman of the Board of Directors of Heartland Credit Union Association and President/CEO of Meritrust Credit Union in Wichita, Kan. “We look forward to networking with a broader group of peers with even more insights and opportunities to work together to serve credit union members.”
“The Heartland Credit Union Association appreciates the support of our members in merging with the Cornerstone League,” said Lisa Althoff-Simmons, interim CEO of HCUA. “As a five-state league, we will both strengthen our regional impact and maintain a local, personalized approach to the events, training and resources we provide to our member credit unions.”
Now that the due diligence process, town hall meetings and member voting have been completed, the organizations will continue to work on the critical merger case, which has been in the works for several months as they prepare for an outcome of upvote.
The organizations are preparing to be fully integrated by December 31, 2022 under the Cornerstone League brand, led by President and CEO Caroline Willard.
For more details on the merger – including a timeline and archived articles – visit the Merger FAQ page on the Cornerstone website.