The Boards of Encompass Credit Union and Vision Credit Union are pleased to announce that members have voted overwhelmingly in favour of the proposed merger between the two neighbouring credit unions. Members cast their ballots at a Special Meeting of Members held on June 1 for Encompass members, and June 2 for the Legacy Vision membership, and returned a majority vote in favour of the union.
After years of collaboration as neighbours, the Boards of Directors of both credit unions launched a comprehensive due diligence process early in 2022 to explore the viability of a merger. This membership vote followed the Board’s approval of that business case. Subject to government approval, the two credit unions will combine their operations on November 1, 2022, under the banner of Vision Credit Union.
“We’re thrilled members of both Encompass and Vision credit unions put their trust in us with this vote,” said Glenn Friesen, Board Chair for Vision Credit Union. We pursued this merger because we believe that we can build a stronger credit union for today’s rural Albertans, and for future generations.”
Doug Callaghan, Encompass Board Chair added, “Uniting as one credit union provides the opportunity to take advantage of shared technology and member services, while continuing to focus on the specific financial needs of the people in our neighbouring regions. This merger will help us deepen our partnership with our members, employees and the communities we serve.”
“By bringing these two well‐established and values‐based credit unions together, we are positioning ourselves to succeed in today’s competitive environment,” said Kelly Longley, President and CEO of Encompass Credit Union.
“As financial services in this province continue a trend of consolidation, we see this union as an opportunity to ensure Vision and Encompass members continue to benefit from financial services by rural Albertans, for rural Albertans,” said Steve Friend, CEO of Vision Credit Union.
If the merger receives the required regulatory approvals, the amalgamated Credit Union – Vision Credit Union – will have $2.1 billion in assets, more than 34,800 members, 256 staff members and 23 branch locations across rural Alberta.
ABOUT 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.
ABOUT 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.
Encompass Credit Union
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Vision Credit Union