An information meeting Nov. 29 gave Innovation Credit Union members in the Battlefords a chance to hear more information about the proposed merger of the Innovation, Synergy and Conexus credit unions, as well as pose any questions they might have.
The presentation included a video outlining the benefits of the merger, as well as presentations by Gord Lightfoot, board president of Innovation Credit Union, and Susan Woods, ICU's interim CEO.
Lightfoot assured the members there would be no job losses associated with the merger, and although he admitted there would be challenges, said the benefits would outweigh the difficulties associated with the merger.
"None of the challenges we identified are insurmountable," he said.
Woods outlined the financial benefits, saying they are estimating a 10 per cent per annum growth rate and sustainable yearly five per cent member cash payouts.
"There is significant financial benefit in bringing the three credit unions together," she said, adding the combined financial clout of the credit unions would allow them to invest more in exploring new technologies and lower the cost of advertising, which would potentially attract more members, particularly among youth.
Woods said the merger would also be of benefit to local businesses, as not only would more money be available for loans and investments, but local businesses would be able to continue providing services to the credit unions, and even have the chance to bid on larger projects.
She also said merging the three credit unions would give employees greater options and also allow customers to access banking services throughout the province.
Approximately 50 people attended the meeting, with only a few asking questions. The questions focused, for the most part, on what benefits the average member would see.
One credit union member pointed out he had seen no benefits after the merger between the Southwest and Battlefords credit unions, and asked why he should expect to see benefits from another merger.
Woods replied the proposed merger is significantly larger in scale and the combined resources would better allow them to improve services.
Mike Zaychkowsky, a credit union member, said his largest worry is that the large organization would have control over the system.
Woods explained the board representation would be distributed in such a way that the interests of bigger centers, such as Regina, wouldn't outweigh those of members in other parts of Saskatchewan.
In the end, although Zaychkowsky said his questions had been answered and he could see the benefits from a financial perspective, he said he wasn't entirely sold on the service aspect.
"I'm not sure if bigger is better," said Zaychkowsky.
Other information meetings had already been held Swift Current, Gravelbourg and Cabri, with two more to follow the North Battleford meeting in Meadow Lake and Glaslyn.
"I would say for the most part, the meetings have been very positive," said Woods. "We've had lots of different questions."
Members will be able to vote on the merger between Jan. 24 and 26 at special member meetings held throughout Saskatchewan.
Members must be present to vote and can vote at their own credit union only, so Innovation Credit Union members will only be able to vote at the voting locations set up by ICU and not at Conexus or Synergy Credit Union meetings.
For more information, go to www.innovationcu.ca.
