The Board of Directors of Encompass Credit Union and Vision Credit Union confirmed today that they have entered into a formal Letter of Intent for Vision to purchase the Wetaskiwin branch from Encompass. The initial discussions included Credit Union Deposit Guarantee Corporation to determine if this type of transaction between credit unions can occur. Once the credit unions understood what was required for the sale to take place, the Letter of Intent was signed on March 15, 2019.
The next phase will require both organizations to complete due diligence to ensure that the sale will benefit all stakeholders that will be impacted by the sale. In partnership between Vision and Encompass, a town hall meeting will take place in the Wetaskiwin area on Wednesday, April 17, for membership to learn more and ask questions. If due diligence is approved by both organizations, Vision would welcome the members, branch and staff of the Wetaskiwin branch into their operations no later than October 1, 2019.
“Encompass Wetaskiwin shares common ground with Vision, not just geographically, but in its understanding of the character and financial services needs of our collective region. We’re excited about the possibility of working with the Wetaskiwin team and about serving the membership and trade area,” said Alan Fielding, Vision Credit Union President. “Vision Credit Union is rooted in this part of Alberta and committed to providing financial services to the people who live here.”
If the transaction is approved, Vision Credit Union will serve over 26,000 members at 17 branch locations, with more than 175 staff members and approximately $1.16 billion in assets. Vision Credit Union is the third largest credit union in Alberta.
“Bringing Wetaskiwin into the Vision family will immediately create a stronger and more robust organization. Wetaskiwin would be Vision’s 5th largest branch, the closest outlying branch and will contribute to building strength for the benefit of members, communities and staff,” said Steve Friend, CEO of Vision Credit Union.
“The board of Encompass voted unanimously in favor of exploring a sale of the Wetaskiwin branch to Vision. We feel that this will provide the membership and the staff in the Wetaskiwin area with greater access to support of a head office that is only 20 minutes away,” said Doug Callaghan, Encompass Board Chair.
“This is a great example of collaboration between credit unions that we can make a decision that is mutually beneficial to both organizations and its members. We feel that Vision will bring an enhanced level of support to the members, community and staff of the Wetaskiwin branch.” said Kelly Longley, President and CEO of Encompass Credit Union.
Once the sale is completed, Encompass Credit Union will focus support on its 9,000 members and seven locations in East Central Alberta. Encompass’ head office is located in Wainwright, with 70 staff and approximately $500 million in assets.
Members that have any questions or concerns are encouraged to call 1-833-VCU-TALK (1-833-828-8255) to speak with Vision Credit Union CEO Steve Friend, or visit our information site at www.whatsyourshare.ca/wetaskiwin
Paulette Robinson, Manager of Marketing & Communication
Vision Credit Union Ltd.
Kelly Clemmer, Marketing Manager
Encompass Credit Union