The
associations said in a press release that they have signed a letter of intent
to create a group that would represent 718 credit unions in five states.
“We believe
that the infrastructure supporting our credit unions must evolve to keep pace
with the way credit unions and consumers have changed,” Caroline Willard,
Cornerstone’s president and CEO, said in the release. “Partnering with
Heartland can help both organizations do that.”
Merging “provides a unique opportunity for our
leagues to maximize efforts in compliance and advocacy,” Lisa Simmons, Heartland’s
interim CEO, said. “This partnership will provide all credit unions access to
more options to better serve their members and communities.”
Willard said that in combining their shared
strengths, Cornerstone and HCUA can help to preserve the unique role of
financial cooperatives in the marketplace.
The organization would operate under the
Cornerstone brand.
The merger
would likely become official in January if approved.
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