I wanted to take an opportunity to update you on the status of the proposed LSCU-GCUA strategic consolidation. The LSCU & Affiliates continues to work on final due diligence and drafting the appropriate legal documents.
My counterpart Mike Mercer has already begun conducting town hall meetings with his membership. A roadmap has been developed for Georgia credit unions to vote on the proposed merger, with results expected before the Southeast Credit Union Conference & Expo (SCUCE) being held June 19-21 in Orlando. You can find additional information about the event at https://www.lscu.coop/conferences/scuce/.
As you may know from the Alabama and Florida Credit Union League consolidation back in 2009, the LSCU is legally domiciled in Alabama. Unfortunately, Alabama state law does not allow member action on a proposed merger by mail/electronic ballot. Additionally, the LSCU bylaws do not allow voting by proxy.
Therefore, a consolidation vote will take place at the LSCU Annual Meeting, held in conjunction with SCUCE, on June 20 at 3 p.m. ET in Orlando. The official notice of the meeting will be transmitted to affiliated credit unions 30 days prior to the event. You do not need to register for SCUCE to attend the Annual Meeting. If you have not already made plans to attend SCUCE (i.e. travel arrangements, hotel, etc.), please feel free to visit the link above or contact Kate Brady at email@example.com or 850-558-1060 for assistance.
Additionally, we have expanded our town hall/webinar meeting schedule to provide more opportunities to learn about the proposed consolidation prior to the Annual Meeting in Orlando. Please contact Kate or click here to RSVP. Thank you.
Town Hall/Webinar Meeting Dates and Locations:
- April 4th – Large Asset Size CU Executive Dialogue (COMPLETED)
- April 23rd – Dothan – Wiregrass Chapter Meeting (6:00 PM CT) (COMPLETED)
- April 25th – Webinar (2:00 PM ET) (COMPLETED)
- April 30th – Mobile – Azalea City CU (10:00 AM CT) (COMPLETED)
- May 7th – Orlando – USF FCU, Darden Headquarters Building (11:00 AM ET) (COMPLETED)
- May 8th – Tampa – Suncoast CU (8:30 AM ET) (COMPLETED)
- May 9th – South Florida – Power Financial CU, Pembroke Pines (1:00 PM ET) (COMPLETED)
- May 9th – Tallahassee Chapter Meeting, (6:30 PM ET) (COMPLETED)
- May 13th – Jacksonville – First Florida CU (10:00 AM ET) (COMPLETED)
- May 21st – Webinar (2:00 PM ET) (COMPLETED)
- May 28th – Huntsville – NE AL Chapter Meeting (6:00 PM CT) (COMPLETED)
- May 29th – Birmingham, AL (11:00 AM CT) (COMPLETED)
- June 20th – CEO Roundtable, SCUCE
Small Asset Size CU Roundtables:
- May 14th – Mobile, AL (COMPLETED)
- May 16th – Birmingham, AL (COMPLETED)
- May 21st – Hollywood, FL (COMPLETED)
We will continue to update you as more information is available and appreciate the support you have shown as we move through each stage of this potential consolidation. I am available for questions at any time.