It was announced in mid-August that the southeast area's Spectra Credit Union was seriously courting a significant partnership with another credit union and by month's end, a merger with Affinity Credit Union, headquartered in Saskatoon, was announced with the amalgamation concept confirmed by the membership in October.
The announcement ended two years of contemplation, advance planning and speculation with Spectra bringing its 10 branches and $708 million in assets into the partnership, adding to Affinity's 44-branch, $2.8 billion in assets structure.
Tim Schroh, Spectra's CEO and board chairman Wayne Amos noted that while Spectra was financially strong, they wanted to expand members reach and also gain the capability of entering into the larger financial deals in the $50 to $70 million range that could only be considered under the newer and stronger set-up.
Affinity won the approval of the Spectra board and administration due to their unique governance model. Conexus Credit Union that is headquartered in Regina, was the only other serious contender for the merger arrangement.
It was agreed that the best time to begin the merger process would be in early 2013 with Spectra being assured of local autonomy in practically all financial, social and community decisions and obligations.
