The Boards of Directors of Encompass Credit Union (Encompass) and Vision Credit Union (Vision) confirmed today that after a comprehensive due diligence process the two organizations have approved a business case in support of a merger. Subject to membership and regulatory approvals, the two credit unions plan to combine their operations effective November 1, 2022.
Both Encompass and Vision have long proud histories of support to rural Alberta. Each has a strong base of loyal members in the communities that they serve. By combining resources Encompass and Vision can leverage their strengths to increase the value that they provide their membership.
Doug Callaghan, Encompass Board Chair comments, “The Board and Management Team of Encompass are inspired by the opportunities available to our membership through a merger with Vision. One opportunity is the ability to grow our successful PlanWright wealth management division into new communities, serving new members.”
Alan Fielding, Vision Board Chair also sees opportunities. “Vision and Encompass share a commitment to rural Alberta and the hardworking people who live here. Our combined credit union can serve more members including larger businesses than either could on its own.”
Both Boards are unanimously recommending the merger, and are encouraging members to participate in the vote to confirm the merger.
Information about the merger can be found at www.whatsyourshare.ca/rural-first-banking or from any branch. Information meetings for members will take place during April, leading up to membership votes to be held in June 2022.
ENCOMPASS CREDIT UNION:
Encompass serves approximately 8,800 members with an employee base of 65 full-time equivalents. As of fiscal year-end 2021, Encompass had approximately $540 million in assets with branches in the communities of Wainwright, Irma, Hardisty, Hughenden, Edgerton, and an Agency in Consort. The Wainwright branch of the credit union serves as its administrative centre.
VISION CREDIT UNION:
Vision serves approximately 26,700 members with an employee base of 164 full-time equivalents. As of fiscal year-end 2021, Legacy Vision had approximately $1.5 billion in assets with branches in the communities of Camrose, Sedgewick, Two Hills, Vegreville, Daysland, Stettler, Wetaskiwin, Viking, Killam, Castor, Alliance, Pincher Creek, Falher, La Glace, Peace River, Manning, and La Crete. Camrose also serves as its administrative centre.