Growing Stronger Together
Community Credit Union, New Ross Credit Union and Victory Credit Union are recommending a merger.
Overview
The financial industry is changing. As credit unions, we are looking to strengthen the benefits for members by partnering with other credit unions to gain added expertise, operational savings and introduce new offerings. It’s possible that together we can take advantage of new opportunities and manage the risks that are present in today’s competitive environment.
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.
The merger combines strengths from all three credit unions. Working together, the new credit union can do more for members and ensure local community-based banking options remain a competitive and accessible choice for the communities served for years to come.
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
Members will continue to benefit from locally based banking and personalized service from staff they know and trust.
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.
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?
No, quite the opposite. You will continue to receive the same services you currently enjoy plus have access to enhanced products and service offerings as we grow together.
Will fees change as a result of the proposed merger?
Each credit union regularly reviews its service charges to make sure they are fair and competitive. This process will be followed in the new organization. Over time, the service charges will be standardized for the new credit union.
Will my community have a say in a new merged credit union?
The new credit union will remain a strong contributor to the communities it serves for years to come. Our combined contributions will enable us to invest in more areas that are important to our members and our communities.
How will employees be affected?
We are committed to maintaining current levels of employment, and no one will lose their job as a direct result of the merger. Employees will have more opportunities to grow their careers in the credit union without the need to relocate.
Will branches close as a result of a merger?
We are committed to maintaining the combined branch network of eight locations.
Why do we need to be bigger, we’re not a bank?
The proposed merger is not about being bigger. It is about building a stronger credit union and maintaining local values. The financial services industry is becoming more complex. Combining our operations will better position us to support sustainable growth and competitiveness to ensure future generations enjoy the same personalized, community focused banking options you do now.
Will we lose our identity if we merge?
The three partners are committed to the co-operative values, community roots and ensuring the friendly, professional financial service members have come to expect remains strong. In addition, by maintaining local branch presence, the new credit union will celebrate and work hard to strengthen the local connections that are valued by all members.
Are the credit unions in financial distress?
No. Each credit union is strong and performing well financially. We have experience successfully partnering with each other and collaborating to achieve shared goals.
What will the credit union name be?
If members vote in favour of the merger, a process for determining the name of the new credit union will be developed. We are committed to keeping members informed, including any opportunities to participate in the process.
Who will be the CEO of the merged credit union?
After careful consideration of the future organizational needs, Georg Oberprieler, CEO of Community Credit Union will be appointed CEO of the new entity.
When will members vote?
Members will be asked to vote to approve the merger from June 3-14. Voting details will be shared as soon as they are finalized.
What is a successful member vote?
As democratic member-owned credit unions, we encourage all members to participate in the vote. To be approved by members, two-thirds of all votes cast must be in favour of the merger. For example, if 100 votes are cast, 67 of those votes must be in favour for the merger to proceed.
Will the CEOs of New Ross and Victory Credit Unions have roles in the new credit union?
Yes. Both CEOs will take on key leadership roles in the new merged credit union.
How will the new Board of Directors be formed?
The inaugural board for the new credit union will consist of equal representation from each of the three partner credit unions.
Where will the head office be located?
The new credit union will operate under a decentralized model, meaning that administrative functions can be performed from any location. However, the registered office will be located in Truro.
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).
Connect with us
Want to talk to us directly? Simply click on your credit union’s name below and send us a brief message; one of our team members will be in touch.