Members voted. It’s official.
We’re merging!
Members of Community, New Ross and Victory Credit Unions have voted in favour of the merger. Thank you to our members for your participation, interest, and support through the voting process. We are excited by the opportunities and value the merger will provide to members, employees, and our communities as we move forward together.
Overview
The recommendation to merge comes after several months of collaboration which saw all three credit union Boards working in partnership to build a business case to create long term sustainability and value for members.
Members will be asked to vote on the merger in June. We urge you to look closely at the benefits for all involved and hope we can count on your support.
Statistics of a Merged Credit Union
Members
13,500
Assets
$315M
Employees
65
Branches
8
Expected Benefits
For members
- Enhanced products and services and competitive rates and fees
- Greater access to banking services with a combined network of eight branches
- Continued personalized service from the employees’ members know and trust
- Increased investments in digital banking services to bring more choice and convenience to members
- Greater access to specialized financial expertise
Expected Benefits
For employees
- Career growth and professional development opportunities
- A stronger, growing organization that retains and attracts the talent needed to support our members and business goals
- A larger employee pool means additional support for all branches
Expected Benefits
For community
- Local decision-making in the best interests of our collective membership and the communities we serve
- Strengthened community support and engagement with opportunities to build partnerships that create meaningful impacts
Locations of our Combined Member Network
Amherst
Brooklyn
Chester Basin
Kennetcook
Truro
Truro (Digital Innovation Centre)
New Ross
Windsor
Merger Business Case Highlights
To learn more about why this merger is being recommended, review the Business Case Highlights. You can also review the more detailed Business Case.
View the financial statements for each credit union.
How to participate
What you have to say matters. We value your participation, input, and perspectives. You can use our contact form to send us your feedback and questions.
Frequently Asked Questions
Why are the boards of Community, New Ross, and Victory Credit Unions recommending a merger?
With growing competition and the increasing complexity of the financial services industry combining our operations puts us in a stronger position to invest in growth opportunities and effectively manage our costs while maintaining the community banking options our members value. A merger will enable us to:
- Enhance products and services, including investing in digital technology to ensure we continue to meet the changing needs and expectations of members, so they conveniently bank when, where, and how they want.
- Respond to challenges in the financial marketplace so we remain a competitive and sustainable choice for members now and for future generations.
What will the merger mean for members?
We see only positive benefits for members. Together, we will be able to:
- provide enhanced products and services and member support as well as more competitive rates and fees.
- offer greater access to community banking options with an expanded network of eight locations.
- maintain the strong relationships members have with staff they know and trust.
- increase the support we currently provide to our communities and invest in more areas that are important to our members.
Will we lose any services if the proposed merger moves forward?
Will fees change as a result of the proposed merger?
Will my community have a say in a new merged credit union?
How will employees be affected?
Will branches close as a result of a merger?
Why do we need to be bigger, we’re not a bank?
Will we lose our identity if we merge?
Are the credit unions in financial distress?
What will the credit union name be?
Who will be the CEO of the merged credit union?
When will members vote?
What is a successful member vote?
Will the CEOs of New Ross and Victory Credit Unions have roles in the new credit union?
How will the new Board of Directors be formed?
Where will the head office be located?
Is my vote confidential? How secure is the voting site?
The merger vote is being conducted through an independent election platform administered by CUES. The vote platform has end-to-end encryption and undergoes rigorous security audits annually to ensure the integrity and confidentiality of the member vote.
CUES processes and tabulates all ballots. The results are confirmed by the CUES Election Manager. Voter information is used exclusively by CUES and CUES’ election partner for administering the vote. Voter information is not used for any other purpose or distributed to any other parties and is destroyed 60 days following the close of the vote.
Member Voting Details
Community Credit Union, New Ross Credit Union and Victory Credit Union are proposing a merger to build a strong and sustainable credit union to serve members, employees, and community.
Members can vote on the proposed merger – June 3 to 14.
Who Can Vote?
- All members of the credit union, age 18 or older and in good standing
- Eligible members are entitled to one vote only. No member can vote more than once.
- Where membership is held jointly by 2 or more persons, the membership is entitled to one vote. If within the joint membership, 2 individuals each hold the minimum share value for membership, they are entitled to one vote each.
- A business, corporation or organization may vote through an appointed representative.
How You Vote?
- During the voting period, members will be able to vote online using our secure, confidential voting platform. A link to the voting platform will be available on our website, shared on social media and emailed (for those whom we have valid email addresses) when voting opens.
- Members eligible to vote can login to access the voting platform using their membership info, including their member number. If you do not know your member number refer to your bank statement, online banking profile or call your branch.
- Members will also be able to access the voting platform by visiting their branch during normal business hours. A voting station will be available to support the voting process.
Voting Period.
- June 3-14: Voting opens on Monday June 3 at 6:00PM and closes on Friday June 14 at 9:00AM.
Your Vote Supports Your Community
To encourage member participation, $1 will be donated for every ballot received during the voting period to local charities.
Community Credit Union will support the Truro Housing Outreach and Cumberland Homelessness and Housing Support organizations. New Ross Credit Union will support Feed Nova Scotia – Chester. Victory Credit Union will support Feed Nova Scotia – Windsor Foodbank & Hants North Food Bank .