Leveraging Consolidation for the Future: CU Times Highlights NJCUL and PCUA’s Planned Combination

In light of the memberships of both the New Jersey Credit Union League and the Pennsylvania Credit Union Association voting to approve the plan to merge two associations, Credit Union Times highlights the organizations’ plan to leverage their combined capital and other resources to help credit unions successfully compete well into the future.

“Certainly, the consolidation that’s occurring among credit unions is one of the factors that we considered when we talked about whether it makes sense to combine our forces, but I think that’s only one factor,” Patrick Conway, PCUA president/CEO, told CUTimes. “I think what was more fundamental goes to how the league landscape has changed, and how the expectations of credit unions are different in terms of what they see as valuable coming from their league. I think the old familiar league playbook that served us well for many years is just not as relevant today in the areas of choice, and the internet and technology. So I think what this [merger] is also part of is the process of reinvention – thinking about our business model in a very creative way and understanding how we can do better together than what we can do apart.”

For NJCUL’s president/CEO David Frankil, the proposed consolidation is to truly change the way the combined organization can provide value and deliver greater opportunities for credit unions to grow and to meet their challenges, the article points out.

“Our job is to provide a compelling ROI for the investments of our members’ dues,” Frankil said. “There’s the soft ROI of advocacy, awareness and other things. Then you have the hard ROI from the solutions side that provide opportunities for our members to grow through lending programs, more favorably-priced solutions and more favorably-priced compliance services. The combination of those two has to be a compelling ROI for our members, and I think that’s a somewhat different positioning than what the leagues have had historically in serving their members.”

The article is available in its entirety here.