VACUL announces intent to merge with regional group

The Virginia Credit Union League has signed a letter of intent to consolidate with the League of Southeastern Credit Unions & Affiliates, the trade organization representing credit unions in Alabama, Florida and Georgia.

Virginia credit unions will decide this fall whether to merge VACUL’s associations, foundations and service corporations with those of the LSCU, with results set to be announced in November, according to VACUL’s announcement Tuesday. If successful, the merger will create an organization representing 386 credit unions and 31.5 million members that would be led by LSCU President Samantha A.M. Beeler, and the combined service corporation would be led by Steve Willis, president of Leverage, which encompasses 12 companies and more than 30 partnerships in the credit union industry. Beeler and Willis were named in April as dual executive leaders of LSCU, which represents nearly 300 credit union members with almost $200 billion in assets and 12.4 million members.

VACUL, a state trade association, represents 98 credit unions in Virginia. The league offers training and operation resources for members and also lobbies the state legislature and other governmental bodies on behalf of the industry.

“With advocacy being at the core of our focus as an association and board, we believe this move to be in the best interest of credit unions as it will undoubtedly increase our advocacy impact and influence,” Jeff Bentley, VACUL board chair and president and CEO of Northwest Federal Credit Union, said in a statement. “We look forward to continuing our due diligence to identify a path forward that will be beneficial to all Virginia credit unions.”

According to Credit Union Times, this is the first proposed merger of state leagues since 2022.

In February, Carrie Hunt left VACUL as its president and CEO, and Chief Operating Officer Karima Freeman stepped in on an interim basis.

NextMark Credit Union President and CEO Joe Thomas, who chairs the VACUL Transition Committee, added, “While we seek member feedback during this discovery phase, we remain committed to advancing our collective industry and serving our members with greater impact. We believe the Virginia Credit Union League and the League of Southeastern Credit Unions share the same vision for success for credit unions.”

This announcement comes after the Virginia Bankers Association and the Maryland Bankers Association merged in July, creating the Mid-Atlantic Bankers Association holding company headquartered in Glen Allen.