Cornerstone and HCUA boards of directors approve merger agreement

Caroline Willard

This week, the Cornerstone League and Heartland Credit Union Association boards of directors approved the Cornerstone-HCUA merger agreement. In June, both leagues announced plans to explore a merger, and a Letter of Intent was signed on June 21.  Over the summer, the organizations have undertaken an extensive due diligence process.  
 
Additionally, members of the Cornerstone and HCUA leadership teams have traveled to nearly two dozen cities within the five-state region to answer members’ questions in real time.   
 
The board approval marks the end of the due diligence process and enacts the next phase of merger. Membership voting is the next and most important milestone and will be completed by Oct. 31.    
 
“Now that the two organizations have conducted extensive due diligence and the two boards have approved the agreement, it’s time to turn it over to our membership,” said Cornerstone League Board Chairman James Boyd, also president/CEO of Abilene Teachers Federal Credit Union in Abilene, Texas.
“This is an exciting time in credit union history and on behalf of the Cornerstone board of directors, I hope Cornerstone and HCUA members see the tremendous value our shared league model will bring to them.”   
 
“Our regional meetings with members led to insightful conversations and highlighted the opportunities of a combined league,” said James Nastars, Heartland Credit Union Association’s board chair and president/CEO of Meritrust Credit Union in Wichita, Kan. “Joining together would provide numerous opportunities to build upon current strengths, ensure growth, and continue to advance credit unions.”  
 
“Combining our two entities can create a powerhouse, strengthening the organization’s position in the marketplace and our value proposition to our members across Arkansas, Kansas, Missouri, Oklahoma, and Texas,” said Caroline Willard, Cornerstone League president/CEO. “By carrying forward the best of what each league has to offer, we can ensure that more than 700 credit unions are supported with top-notch advocacy, education, and operational support.”   
 
“Since the announcement of the merger exploration in June, it’s been impressive to see how the staff of the Cornerstone League and Heartland Credit Union Association work together and complement each other,” said Lisa Simmons, interim CEO of the Heartland Credit Union Association. “Uniting the employees of the two organizations would create a well-balanced team with more perspectives, experience, and talents to better serve our members.” 
 
For merger details – including a timeline and archived articles – visit the merger FAQ page on the Cornerstone website. ​

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