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League Delegates overwhelmingly approved a merger with the Midwest Association of Credit Unions (MACU) by a vote of 123 – 4 at the League’s 76th Annual Convention.
MACU, a Lisle, Illinois-based credit union trade association, most recently served 59 credit unions not affiliated with ICUL or CUNA predominantly located in Illinois. Under the merger agreement, ICUL is the surviving entity and the ICUL name is retained. The merger became effective May 1, 2006. As a result, ICUL’s membership totals nearly 430 credit unions comprising more than $20 billion in assets and serving more than 2.6 million members.
 ICUL and MACU had been pursuing a merger over a number of months. Critical steps in approving the merger were taken prior to the vote at the Delegates’ meeting, including a letter of intent to merge, signed at a MACU board of directors meeting on September 14, 2005, and a vote on December 10, 2005 by MACU’s membership, which approved the merger by a vast majority. The League Board of Directors approved the merger at its meeting on November 19, 2005.
“On behalf of the League Board of Directors, I’d like to congratulate our affiliated credit unions on their decision to unite with MACU. The combination of these two associations will result in one credit union trade association serving Illinois’ credit unions with a stronger and more unified voice,” said Dan Plauda, ICUL president & CEO. “It has been an amicable and positive process and we are looking forward to acclimating MACU members to the League.”
Also approved at ICUL’s Delegates’ meeting was an amendment adding a new article to the League’s bylaws to address the merger. The amendment implements terms of the merger that relate to League membership, League dues, and the League board of directors. The amendment also provides the new article will automatically expire and terminate at the end of a two-year transitional period that coincides with the adjournment of the ICUL delegates’ meeting in 2008. It was also overwhelmingly approved by a vote of 142 – 7.
As a result of the merger, three MACU-appointed directors represent MACU members on the ICUL board. After the two-year transition period, board members from MACU credit unions will be eligible for election to the Board through ICUL’s normal election process. The ICUL board will revert back to its current 26 member-size following the transition period. The three board members that have been appointed to the board include Dennis Ahrens, previous MACU chairman of the board and board member, Elgin City ECU, Elgin (located in the Fox Valley Chapter); Joseph Christy, CEO of Chicago Avenue Garage FCU, Chicago (DeRamus Chapter); and Debbie Bachman, CEO, Heritage Corridor CU, New Lenox (Will County Chapter).
As part of the welcoming process, the League hosted a half-day orientation meeting on May 9. The attendees were presented with an overview of the League and Service Corporation’s available products and services, legislative and informational resources, and educational opportunities, as well as other information about the ICU Foundation, CUPAC, I-CARE and involvement in the League’s chapters. In addition, attendees were given a tour of the League’s Web site and office facilities. More than half of MACU’s members were in attendance. Joni Senkpeil, previous CEO of MACU, joined ICUL on May 1 as Director of Small Credit Union Development and has also been taking part in the transition by traveling with ICUL’s Regional Directors visiting MACU credit unions and providing hands-on assistance.
“MACU members have been very impressed with the resources available through the League so far. Joining forces will also allow the combined organizations to take further advantage of economies of scale,” said Senkpeil.
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