MERGER VOTE RESCHEDULED FOR JUNE 23-25, 2020
The Boards of Crosstown Civic and Access Credit Union are pleased to announce they have rescheduled the member vote on the proposed merger.
The vote originally planned for March 19th was postponed to support the local and national effort to reduce the spread of COVID-19. Voting will now occur over a period of three days from June 23 to 25, 2020. This vote is made possible by new orders recently introduced by the Government of Manitoba under The Emergency Measures Act which temporarily allow businesses to conduct member meetings and voting by telephone, electronic, or other virtual communication facilities. These provisions enable both Crosstown Civic Credit Union and Access Credit Union to maximize member participation in this important merger vote while maintaining the health and safety of both members and staff through social distancing.
Voting will take place from 8:30 a.m. CDT June 23 to 6:00 p.m. CDT on June 25, followed by a Special Meeting of Members to be held by telephone conference at 7:00 p.m. CDT on Thursday, June 25th where the results of this important vote will be announced. Details of the vote and the meeting are available on our website.
Both credit union partners collaborated throughout the emergency, providing assistance to each other. As part of good governance, both credit unions completed a review of any new potential impacts that could result from the pandemic. An addendum to the original business case was shared with the Board of Directors for their review and approval. As a result, both credit union Boards have recently signed an updated Amalgamation Agreement with an effective amalgamation date of January 1, 2021 and are inviting the respective memberships to vote on the merger proposal.
Better for Members
Members would enjoy the convenience of more branches, the expertise and knowledge of combined staff, along with enhanced products, services, and technological solutions.. In addition, the new credit union would eliminate duplicated costs and take advantage of more economies of scale. These efficiencies would put the credit union in a stronger financial position long-term and allow for future investment, continued competitive rates for our members, and enhanced patronage payouts to the collective membership in the future.
Better for Employees
The new credit union would provide more opportunities for employee development across a broader network, and with more diversified roles than is currently available today. This diversity would offer personal advancement and growth prospects, or the chance to specialize in a role, or to gain deeper understanding of operations in the organization without the need to relocate. Staff would have elevated back-up support and coverage during vacations or in an emergency.
Better for Communities
The new credit union would be stronger financially than either of the credit unions individually, with the capacity to support communities with new services and resources (e.g. online and mobile services, larger commercial support and opportunities, and local outreach initiatives).
- Our members
- Our employees
- Our communities
- Common heritage
- Steady, strong financials
- Community investment
- Enhance products, services, and patronage program
- Offer more and diverse career opportunities
- Improve technology solutions