ANNOUNCEMENT  —

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.