MCUL and ICUL Announce Strategic Partnership (Misc News: January 3, 2011)
The Michigan and Illinois Credit Union Leagues announced a strategic alliance agreement in order to expand collaboration opportunities for both the trade associations and their business units. This agreement was neither a merger agreement nor an intent to merge. Rather, it represents an important step by both organizations to work together more closely on behalf of each state’s credit union membership.
The joint agreement expresses each state’s desire to seek ways to collaborate, share services and partner on product development on behalf of credit unions in the two Midwest states.
“We believe this agreement will provide credit unions with a wide array of product choices and enhancements in a cost effective manner. In these tough economic times, we are pleased to be able to take advantage of the strengths the Michigan and Illinois Leagues bring to the table in this area,” said ICUL CEO Dan Plauda. Plauda praised the agreement as a progressive step toward finding alignment between the two leagues in ways that could lead to great benefits for member credit unions. “This collaboration will provide economies of scale that credit unions nationwide can tap into when expanding or growing products. We are confident that by working together we can assist credit unions in serving their members.”
Each leagues’ top management staff met in Chicago on Dec. 16 and 17 as a capstone meeting for numerous meetings held recently by the two state leagues.
“Credit union industry consolidation is driving collaboration and economies of scale and skill for support organizations as well,” said MCUL &Affiliates CEO Dave Adams. The Michigan league CEO also reinforced the need for greater collaboration among the state’s business units. “The Illinois and Michigan Leagues both have proven track records in the area of business solutions. There is a remarkable lack of overlap in our product areas. We think this creates great opportunities for joining forces either formally or informally in order to share our strengths and visions in each state,” Adams said.