First Quarter 2006
League CUs to vote on MACU merger at Delegates Meeting
A critical step toward completing a merger between the League and the Midwest Association of Credit Unions (MACU) was taken on December 10, 2005, when the members of MACU voted overwhelmingly to approve the merger.
Members of the League now have the opportunity to finalize the merger by voting to approve it at the annual Delegates’ Meeting to be held on Thursday, April 20, 2006, at the League’s 76th Annual Convention at the Chicago Hilton & Towers. Please note that the date and time of the Delegates Meeting has been changed from its traditional slot toward the end of the Convention schedule on Saturday morning to kick off the convention by preceding the grand opening of the Exhibit Hall on Thursday, April 20, 2006. Please see the Annual Convention brochure for exact details and times.
The two associations have been pursuing a merger over the past several months, starting with a letter of intent to merge that was signed by MACU at its September 14, 2005 board of directors meeting. MACU, a Lisle, Illinois-based credit union trade association, serves 57 credit unions not affiliated with the League or the Credit Union National Association (CUNA) in several Midwestern states, including Illinois.
If approved by League members, the merger will become effective May 1, 2006. The surviving association will be the Illinois Credit Union League. Credit unions that were members of MACU as of September 14, 2005 will automatically become members of the League on the effective date of the merger.
“The combination of MACU and the League will create one credit union association serving Illinois’ credit unions with a stronger and more unified voice,” said Dan Plauda, ICUL President & CEO. “We believe this merger is in the best interests of Illinois credit unions, their members and both associations. It has been an amicable process and we are looking forward to welcoming MACU members into the League.”
Documents summarizing the details of the merger will be sent to League affiliated credit unions in February, 2006. The documents will describe how the merger will affect both memberships, bylaw amendments that will need to be passed to implement the merger agreement and instructions on how to vote. Voting on the merger may be done either in person or by proxy. Bylaw amendments implementing the merger may be voted on in person or by mail ballot.
“Joining forces will also allow the combined organizations to take further advantage of economies of scale,” said Joni Senkpeil, CEO of MACU.
If you have any questions regarding any part of this merger, please feel free to call Steve Olson, Executive Vice President, General Counsel and COO, at 630-983-3405.