Credit union members to vote on proposed merger

Lane said this merger would mean full services, if not more, for the members of all three credit unions in more locations.

When asked what some possible negative repercussions would come with the merger, Lane explained there really is none.

“Members would not see any significant degradation of service. In fact, quite the opposite holds true in that everything from local lending limits and access to their Credit Union would be improved,” he said, adding the same positive changes will be seen by employees.

“One of the guiding principles and it’s the same principle that’s been in place to all the partnerships to this point, there are no job losses or forced relocations or no reductions in salaries as a direct result of the partnership in any of the existing organizations.”

CEO of Affinity Credit Union Jim Thiessen also feels this partnership is a beneficial move for all organizations involved.

Thiessen said their main concern is ensuring their members understand the facts of the proposition and answer any questions.

“[For the] most part it’s all been very positive; there’s not been any real concerns. We’ve been out talking to our membership, they’re all I think, are excited and looking forward to the opportunities this will bring,” Thiessen said.

Even though both Spectra and Advantage will fall under the Affinity title if the merger goes forward, Thiessen said the decision was only a matter of numbers because Affinity has a larger presence making it easier to amend the smaller two.

“We all came to the table from different perspectives but when we got to the table we realized there was a lot of common ground and that we were all strategically trying to achieve the same thing,” Thiessen said.

Lane also feels they will benefit as much as the two smaller organizations, which are found in more rural locations.

“It’s not a one-way benefit to these partnerships. Certainly the members of Affinity very much look forward to having access in the Prince Albert marketplace with a number of relationships with First Nations entities in and around Prince Albert, and for them to have a home now, a home branch, is very very attractive to us,” he explained

Taking it to a vote

There has been a lot of time and research put into the proposition on behalf of the credit unions, but now it’s time for the members to make their final decision, because in reality, they’re the owners.

The vote will take place at each of the organizations’ general meetings with Affinity’s happening first on Wednesday night.

“Affinity’s general meeting is this evening and we’re conducting it by simulcast in seven locations across the province,” Lane said.

Advantage Credit Union will host a similar layout at their general meeting on Thursday and Spectra Credit Union follow pace on April 8.

Thiessen said three-quarters of the members present at the meetings must vote in favour of the merger for it to pass. He added Affinity Credit Union members must accept the deal in order for the other two organizations to take part.

“Affinity is the key here with their size and access to urban markets and that’s the key for Spectra as well.”

sstone@panow.com

On Twitter: @sarahstone84

by Sarah Stone

Credit union members to vote on proposed merger

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