Pennsylvania and New Jersey Credit Union Leagues Merge

On Apr 9, 2019

The Boards of Directors of the Pennsylvania Credit Union Association (PCUA) and the New Jersey Credit Union League (NJCUL) enter into an agreement to create a new trade association.

The new organization will bring together the strengths of two storied trade associations in order to enhance value to credit unions in both states and will represent one of the largest regional credit union trade associations in the country.

“Collaboration has long been at the heart of the credit union movement and a core value for both trade associations,” said Jeff DeBree, PCUA Board Chair and President & CEO of Penn East Federal Credit Union.  “Joining together will result in greater scale and capacity to better deliver on everything we do.  We will be able to invest more into products and services to help our credit unions grow and flourish.”

“As CEOs ourselves, we believe that our two organizations will be better together and provide compelling value and ROI to our credit unions,” said Andy Jaeger, New Jersey Board Chair and President/CEO of the Credit Union of New Jersey.  “I applaud the directors from both organizations as well as our management teams for embracing this new model.”

The two Boards of Directors entered into a non-binding letter of intent to bring the two organizations together in December 2018.  The membership of both PCUA and NJCUL must vote in favor of the transaction for it to be consummated.  Membership votes will be held in early May and if approved, the transaction will be effective January 1, 2020.

To access more business news, visit NJB News Now.

Related Articles: