CROSSTOWN CIVIC AND ACCESS BOARDS OF DIRECTORS DECIDE TO PURSUE MEMBERSHIP VOTE
With the completion of the business case and due diligence review, both Access and Crosstown Civic have concluded that the proposed partnership is in the best interests of their members, employees, and communities. As a result, both credit union boards have recently signed an Amalgamation Agreement and are inviting the respective membership to vote on the merger proposal on March 19, 2020.
While Access and Crosstown Civic are financially strong today, the Board of Directors from each credit union recognized that change is necessary to continue to grow and maintain value for members in an increasingly competitive and regulated environment.
Canadian credit unions are faced with increasing costs of technology, security, and regulatory compliance, as well as increased federal and provincial taxation. Our competitors continue to evolve to meet the increasing demand and we must do the same – we can’t afford to fall behind. Increased competition is not only from the big banks, but from other organizations like financial technology firms, Apple, Google, Amazon, and many other virtual companies offering financial services.
Credit unions must recognize that evolution and seek solutions to stay ahead of it to provide the best service and advice to members, to provide rewarding careers for employees, and to continue to invest in our communities.
With this merger, we believe the future is promising for our members, employees, and communities to enjoy a strong, sustainable credit union committed to the financial well-being of individuals; a credit union that is rooted in cooperative principles, and is passionate about supporting the communities in which we all live, work, and play.
IMPORTANT DATES —
Week of March 2: Member Forums
Crosstown Civic Credit Union Members
Access Credit Union Members
- March 2nd – Norwood Hotel, 7 p.m.
- March 2nd – Carman, Carman Active Living Centre, 7 p.m.
- March 3rd – Winkler, Days Inn Conference Centre, 7 p.m.
- March 4th – Morden, Morden Activity Centre, 7 p.m.
- March 5th – Morris, Morris Davidson Centre, 7 p.m.
March 19: Member Vote & Special Meeting of Members
Cast your vote between 8:30 a.m. and 8:30 p.m. online or in-branch during regular business hours. You may also vote at the Special Meeting of Members before the results are announced.
Special Meeting of Members, Crosstown Civic Members
RBC Convention Centre – Registration at 6 p.m./ Meeting at 7 p.m.
Special Meeting of Members, Access Credit Union Members
Winkler Days Inn Conference Centre – Registration at 6 p.m./ Meeting at 7 p.m.
*Results of the vote will be officially announced at the Special Meeting of Members after 8:30 p.m. once all votes have been received and tallied.
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