Bob (Bohdan) Leshchyshen
BA, MBA, CFA
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May 5, 2011 – Credit Union Central of Canada presented its National Credit Union Awards for outstanding achievement during a ceremony at the 2011 Canadian Conference for Credit Union Leaders in Niagara Falls. Garth Manness, Canadian Central’s Immediate Past Board Chair presented awards for community economic development, innovation, leadership by young credit union professionals and lifetime contribution to the credit union system. The Credit Union Hall of Fame celebrates the achievements of lifetime contributors to the Canadian credit union system. In 2011, Michael Tarr was posthumously inducted into the Credit Union Hall of Fame. A visionary credit union leader who was committed to the co-operative concept and the credit union system, Mike devoted his energy and talent at the local, provincial and national levels of the credit union system. The National Credit Union Community Economic Development Award was won by Vancity Credit Union of Vancouver, BC. This award highlights the exemplary efforts of credit unions in the development of their communities. Vancity received the award for their project Each One, Teach One, a financial literacy program that fills a gap in traditional formal literacy programming by providing a less formal, more adaptable and basic curriculum which translates key conceptions into other languages. The goal of the program is to strengthen financial literacy skills in order to improve the well-being, financial resilience and self-reliance of community members. The financial literacy program has been deliverd by trained Vancity staff volunteers in more 26 different languages.
The National Credit Union Innovation Award is presented to credit unions that lead the way with innovations that strengthen credit unions and that may have application for the overall system. The 2011 award was presented to a group of Saskatchewan-based credit unions for their collaborative project Apex Investment Fund. Working co-operatively, credit unions in Saskatchewan have been instrumental in the creation and development of a private equity enterprise. The fund was developed to serve the small-to-medium sized enterprise market in both rural and urban Saskatchewan. Since its inception, Apex Investment Fund has approved $65 million in investments to 23 Saskatchewan-based companies, created hundreds of jobs and consistently draws over 36 per cent average annual return.
Five credit union professionals were recognized as National Young Leaders to mark their exceptional efforts: Lisa Castle, Interim Branch Manager, Synergy Credit Union, SK; Jason Davis, Branch Manager, Alterna Savings and Credit Union, ON; Rich Harries, Community Development Manager, Affinity Credit Union, SK; Adam Monteith, Manager, Product Development and Market Research, Kootenay Savings Credit Union, BC; and Duane Nicol, Manager, Corporate Social Responsibility, Assiniboine Credit Union, MB. Rich Harries also received the National Young Leaders Award, which provides a $10,000 scholarship to cover tuition and travel costs to attend a leadership development program at a university in Canada.
Detailed information about each award category and this year’s winners can be found in the ‘National Awards’ section of Canadian Central’s website at http://www.cucentral.com/NationalAwards..
May 3, 2011 - Vancouver City Council today announced the appointment of Vancouver City Saving Credit Union President and Chief Executive Officer (CEO) Tamara Vrooman as the City of Vancouver’s representative to the Vancouver Airport Authority (YVR) Board of Directors. “Tamara’s exceptional achievements in government and as the President and CEO of Vancity and in government will be an excellent addition to the YVR Board,” said Mayor Gregor Robertson. “We’re very proud to have her represent the City of Vancouver. “I would also like to thank former mayor Philip Owen for his contribution over the past six years on the YVR Board as the City representative and for his extraordinary commitment to public service.”
As President and CEO of Canada’s largest credit union, Tamara Vrooman guided Vancity in 2010 to achieve the highest annual earnings performance in the organization’s 64 year history. Under Tamara’s leadership, Vancity has extended its financial success to facilitate positive social and environmental change, including achieving carbon neutral status. As Deputy Minister of Finance for British Columbia from 2004 through mid-2007, Tamara led the strategy to successfully renegotiate all expiring collective agreements in the public sector without strike or mediation and led the Ministry to two AAA credit rating upgrades. Amongst other honors, Tamara has been awarded the Queen’s Golden Jubilee Medal for outstanding public service and the Top 100 Most Powerful Women in Canada Award. She was recently nominated for the YWCA’s 2011 Women of Distinction Awards. The Airport Authority Board’s fundamental role is to ensure that the organization fulfills its objectives in a safe, efficient and reliable manner. There are up to 15 Board members and appointments are for three-year terms. Tamara will officially join the Board on May 12, 2011.
April 28, 2011 – Macleans Magazine - Canada’s greenest employers. The Green 30 is based on how employees perceive their employer’s environmental efforts by Kate Lunau and Stephanie Findlay. The Green 30 is based on how employees perceive their employer’s environmental efforts. We asked each organization that made the 2011 list, compiled by Aon Hewitt, to highlight some of the key programs and practices that they think earned them high marks. Here are some of the highlights:
The following credit unions and credit union related organizations were mentioned: Co-operators Life Insurance Company, Insurance, Regina. (1) Sustainability strategy aims to reduce emissions from business travel and building climate control by 50 per cent by 2014. (2) Youth Engagement for Sustainability network educates young people in the community to make their homes, schools and communities greener. (3) Partners with the Saskatchewan Science Centre to create environmental awareness programs during Earth Month, which included stage shows, family-friendly nature games and a speaker series. First Calgary Financial, Banking, Calgary. (1) An employee-led Environmental Advocacy Team champions the reduction of waste, water and energy use through initiatives including a carpool challenge and a waste-free lunch week. (2) Requires LEED standards to be applied to the construction or renovation of all its buildings. (3) The Corporate Citizenship team partners with community projects such as education programs and river cleanups.
The Co-operators Insurance, Guelph, Ont. (1) Between 2008 and 2010, the company reduced carbon emissions by 10 per cent thanks in part to building retro?ts, and installing video-conference technology to cut down on travel for meetings. (2) A “Sustainability 101” course introduces employees to the basics of sustainability. The e-learning session is not compulsory, but has been taken by more than 1,500 staff members. (3) A Stakeholder Sustainability Survey monitors the company’s progress toward its goals every year, and serves to gather new ideas.
Vancouver City Savings Credit Union, Vancouver (1) Reduced utility consumption by 12 per cent through energy-saving retrofits such as replacing old thermostats with programmable ones, and removing air conditioning units in ATMs and using exhaust instead. (2) The Vancity Visa enviroFund program, which was established in 1990, has injected more than $4 million into local environmental projects. (3) The head office, which is developing a rooftop garden this year, recycles 79 per cent of its waste.
THE METHODOLOGY: The Green 30 is based on employee opinion data collected as part of Aon Hewitt’s annual Best Employers in Canada study and Best Small & Medium Employers study. More than 134,000 employees and 2,500 leaders at over 250 organizations participated in the 2011 edition of these studies. To be eligible, organizations must be in business for at least three years and have 50 or more employees.
April 14, 2011- Vancouver Sun - B.C. credit unions mark record gains - Loan growth steady in 2010. Tracy Redies is CEO at Coast Capital Savings Credit Union, where most of the executives are women. Tracy Redies is CEO at Coast Capital Savings Credit Union, where most of the executives are women. The profits of B.C. credit unions surged almost 30 per cent last year to a record $380 million on rising residential and business loans and higher member deposits. The mark topped the previous earnings record of $293.6 million in 2009. Year-end assets totalled $49.4 billion, a gain of 2.1 per cent from the prior year, according to Central 1 Credit Union, the credit-union-owned trade association. “Credit unions saw steady loan growth in 2010, which they financed mainly through increased deposits by members,” Central 1 CEO Don Rolfe said in a news release. Vancity led the way with 2010 net income of $77 million, while Coast Capital Savings turned in a $65.4-million profit. B.C. credit union membership hit 1.72 million last year and member deposits reached $44.1 billion, up four per cent. The residential mortgage loan portfolio of B.C. credit unions rose eight per cent to $28.7 billion in 2010. Home mortgage loans accounted for 69 per cent of the total loan portfolio, while loans to small- and medium-sized businesses made up 24 per cent. The latter category grew to $10.2 billion, a 3.4-per-cent gain. There were slightly more delinquent loans as of Dec. 31 compared to a year earlier. The delinquency rate rose to .83 per cent of the total portfolio value, up from .74 per cent but still “well within manageable levels by historical standards,” according to Central 1.
April 6, 2011 – Vancouver City Saving Credit Union’s work in the community and their commitment to the environment and their employees earned the credit union the prestigious Rix Award for Engaged Corporate Citizenship. The Vancouver Board of Trade’s Rix Centre (named after the late Dr. Donald Rix) works with business and education partners to select an individual and a business to receive the annual award. On April 5th, President and CEO Tamara Vrooman accepted the award at the Board of Trade’s award ceremony. There were four nominees including The Keg Steakhouse and Bar, The Vancouver Aquarium, Scotiabank and Vancity. In her acceptance speech, Tamara said Vancity was proud and humbled to be included in the stellar group of nominees, which all do tremendous work for the community. Vancity’s work with the community, through support of more than 160 community groups; its commitment to the environment, including being carbon neutral and offering clean air auto loans; and high employee engagement scores developed by offering social events among other benefits, were all key factors in winning the award. You can read more about the Rix Awards on the Rix Centre’s website.
March 28, 2011 - Vancouver City Saving Credit Union, from Canada will receive this year’s Globe Sustainability Reporting Award for the best sustainability reporting. Globe Award is presented for the fifth consecutive year. The aim is to discover and encourage researchers, innovators, cities and companies outstanding in sustainable development. Globe Award’s mission is to highlight and acknowledge particular cases and initiatives within the sustainability area. Integrated sustainable reports were sent from all over the world. After detailed discussion the jury narrowed the selection to four nominees: Indra from Spain, SCA from Sweden, Teck Resources Ltd and Vancity, both from Canada. Vancity fullfilled the given criteria most completely and was selected as the winner. “We were very impressed with the Vancity’s report and they are a credit to the Globe Award process as the winner in 2011. The 3 years of the Sustainability Reporting Award have seen 3 companies from 3 different continents and 3 different industries. This illustrates the breadth of the Globe Award and its commitment to sustainability as well as its impact on doing business, at an international level.” - explains jury group Chairman Paul Druckman, also Chairman of the Executive Board of The Prince's Accounting for Sustainability Project. More information about the program is available at: www.globeforum.com/stockholm.
January 27, 2011 - approximately 250 Innovation Credit Union members turned out in Swift Current on Jan. 24 to cast their votes regarding the proposed merger of Connexus, Innovation and Synergy Credit Unions. The proposed merger between Innovation, Conexus and Synergy credit unions has been rejected after the proposal did not receive the necessary support during a membership vote. Members of the Lloydminster based Synergy Credit Union nixed the deal when they provided only 60 per cent of the necessary 75 per cent approval needed from their members. Innovation Credit Union members had passed the proposal with a 76 per cent approval rating, while a full 95 per cent of Regina's Conexus Credit Union members were in favour of the merger. “We’re disappointed by the turn of events, but we’re confident that we can operate – we’re all three financially strong, independent credit unions and we can continue to operate that way – it’s just that it would have been better together, as we were saying,” explained Innovation Credit Union Board President Gord Lightfoot. After presenting the business case positives of the merger during a series of six meetings across the Innovation Credit Union membership district, he is disappointed they will not be able to take advantage of those strategic benefits. “There’s a lot of positives. Just the extra efficiencies from the increased scale of a larger balance sheet,” Lightfoot said, noting they were not looking at staff cuts as a result of the merger. “There would have been a lot of things that were possible if the merger would have gone ahead. I mean it had implications for loan rates, rates we can pay on deposits, new services we can offer. So we’ll have to be looking at all of those things to see what we can do with continuing on our own.” Lightfoot said he was not surprised the merger vote received a positive response among Innovation Credit Union members, and was pleased with the member's support for the proposal. “Any time you can get 76 per cent of the membership saying that this is the direction you want to go, it’s a very strong endorsement.” He did not rule out potential merger discussions again in the future. “I think that’s a very strong possibility. As I said, we haven’t made any decisions. We were focused on getting the three-way merger passed. Now that that has been turned down by one of the three Credit Unions we’ll have to consider other options. That may be just staying as a stand alone credit union, but I strongly would suspect that we would be looking at other partnerships in the future.” Right now, it is business as usual for Innovation Credit Union. “We’re not going to see any change in the day-to-day operation of the Credit Union in the short term. Over the long-term we will probably be looking at considering other options. What it is I really can’t speak to right now, but as we said status quo is not an option.”
January 1, 2011 - Sudbury Credit Union Limited merged with Community Saving and Credit Union Limited. We are pleased to announce that Community Savings & Credit Union Limited and Sudbury Credit Union Limited have entered into formal discussions to pursue a merger. The merger will serve to further strengthen the long term viability of both credit unions and will allow us to better serve and respond to the needs of our community. Like Sudbury Credit Union, Community Savings & Credit Union is committed to their members and to our community. The credit union has approximately $57 million dollars in assets and serves 3200 members through its two branches in Lively and downtown Sudbury. Mimi Wiseman, Sudbury Credit Union's chief executive officer, said members of the two credit unions won't see any changes for six months. "Really, it's business as usual for the memberships," she said. "They are not going to notice any difference for a while ... There's tons of work we have to do together. Now, we can join the two entities together and have one board of directors." The pre-merger Sudbury Credit Union had five branches in the former City of Sudbury, Copper Cliff and Levack, assets of $180 million and about 10,000 members. Wiseman said a decision that will coming down the road is what to do with two branches close to one another in the downtown. "They will eventually become one," she said.
January 1, 2011 - DUCA Financial Services Credit Union Ltd. merged with Virtual One Credit Union Limited. On August 26, 2010, Toronto based DUCA Financial Services Credit Union has entered into discussions to purchase the assets and combine the operations of Virtual One Credit Union with an anticipated completion date of January 1, 2011. Virtual One, with 5 branches in Southern Ontario, $160M in assets and 8,700 members will join DUCA’s 12 branches, $1B in assets and 35,000 members. “This is a great fit, both geographically and culturally as the two credit unions seek to enhance value for their respective members through additional service locations” said David Bird, CEO of Virtual One. The merged entity will be well capitalized and will be able to take advantage of economies of scale as it reaches out to extend its value proposition into new communities.
Although DUCA and Virtual One have distinct histories, they have always shared a common commitment to their members, their financial success and the communities in which they live and serve. “This commitment will be carried on and strengthened in the combined entity which will employ more than 145 people from our communities” said Jack Vanderkooy, President & CEO of DUCA. Beginning January 4, 2011, the amalgamated credit unions will officially operate under one name, DUCA Financial Services Credit Union Ltd. and will serve over 43,000 members through 17 branches in Ontario. The combined operation will further expand DUCA’s current $1.0 Billion in assets to $1.20 Billion. “Through this merger, we are able to extend the DUCA value proposition of competitive rates, high service and profit sharing to the 8,500 members of Virtual One” said Jack Vanderkooy, President and CEO of DUCA. “This decision was in the hands of the members and we are thrilled to see the democratic process in action. Both votes were a clear expression of the loyalty and commitment of our respective members” said David Bird, President & CEO of Virtual One Credit Union. All Virtual One branches will be fully converted to the DUCA name by April 30th 2011. In the interim, members will still have to use their respective branches as the banking system conversion is expected to be completed in early April. Members also have full surcharge free access to make deposits and withdrawals from any DUCA or Virtual One ATM along with any of the 2300 participating organizations noted under the EXCHANGE Network.
December 31, 2010 - FirstOntario Credit Union Limited merged with Prime Financial Savings and Credit. On December 15, 2010, FirstOntario Credit Union announces acquisition of Prime Financial Savings & Credit Union operations. In an open vote held on Tuesday, December 14, 2010, Members and Shareholders of Prime Financial Savings & Credit Union voted in favour to merge operations with FirstOntario Credit Union, a leading credit union in Southern Ontario. This past October, both credit unions entered into discussions and commenced due diligence activities with the intention to merge operations. This transaction will close on December 31, 2010 with all operations continuing under the FirstOntario Credit Union banner. “We are extremely pleased that Prime Financial Members and Shareholders voted in favour to join with FirstOntario Credit Union,” said Kelly McGiffin, President and CEO of FirstOntario Credit Union. “Together, we can build on each other’s strengths and offer an increased branch and banking machine network, a broader financial product base, enhanced services and an improved Member experience.”
“FirstOntario and Prime Financial have much in common. We are both passionate advocates for the people and families within our communities,” said Sandy Shaw, Board Chair, FirstOntario Credit Union, “We are all very excited to welcome Prime Financial employees and Members into the FirstOntario family.” “Everyone at Prime Financial Savings & Credit Union is looking forward to the opportunities that merging with FirstOntario will bring to our Membership and our employees,” said Jennifer Saunders-Finlay, Interim CEO of Prime Financial Savings & Credit Union. “This is an exciting step forward as we join forces with a larger credit union to help our Members and our communities prosper.”
In business since 1939, FirstOntario Credit Union serves over 76,000 Members and offers a full suite of banking products including daily banking, mortgages, lines of credit, loans and investments. FirstOntario has over $2.5 billion in funds under management and currently has 18 branches serving 11 communities within the Hamilton, Halton, Niagara, Haldimand/Norfolk and Oxford regions. Membership at FirstOntario is open to everyone. FirstOntario is a proud advocate of the people and communities we serve and supports many important community organizations such as the Advanced Coronary Treatment (ACT) Foundation, Co-operative Young Leaders (CYL) and Living Rock.
Prime Financial Savings & Credit Union recently completed its 62nd year of operations having begun as a closed bond credit union serving the employees of the Firestone Tire and Rubber Company based in Hamilton, Ontario. Prime Financial, formerly Industrial Family Credit Union became an open bond credit union when it merged with Keen Credit Union in 1989. Today Prime Financial offers complete banking, borrowing, investing, and insurance products and services to over 6600 members from its five branches located in Hamilton, Stoney Creek, London, and Ingersoll. December 1, 2010 - Hamilton Community Credit Union Limited Amalgaed Twin Oak Credit Union Limited to created Momentum Credit Union. Momentum Credit Union has its roots firmly planted in the Hamilton, Oakville and Brampton communities stemming from industries built around the movement of its people. Originating from the industrial Credit Unions of the Hamilton Street Railway, Otis Elevator, and Ford Motor company, we have over 70 years in the Financial Service industry.
Our history began in 1939 when the Hamilton Street Railway Employees first met to form their own Credit Union. It was 1942 when Otis Elevators employees were approved to form their own Credit Union as well. Meanwhile in Oakville, employees of the Ford Motor Company look to join together and form the Oakville Auto Employee’s Credit Union in the year of 1954. It was 1982 when Hamilton Street Railway Credit Union and Otis Elevator Employees Credit Union merge to form the Hamilton Community Credit Union. Oakville Auto Employee’s Credit Union along with the merger of Brampton Community Credit Union and other small industry Credit Unions changes its name to Twin Oak Credit Union to more accurately reflect the changed membership base. Hamilton Community Credit Union also merges with many smaller industry Credit Unions along the way increasing membership and asset size. In December of 2010 The Boards of Directors for Twin Oak Credit Union and Hamilton Community Credit Union approved the amalgamation of these two successful organizations. With a unanimous vote by their membership, Momentum Credit Union was formed. With a membership of over 11,000 and assets of over $150 million, Momentum Credit Union has positioned itself to successfully serve the Ontario region as they move forward in to the future.
October 31, 2010 - Ukrainian Credit Union Limited merged with So-Use Credit Union Limited. On July 13, 2010, the Boards of Directors of So-Use Credit Union Limited (So-Use) and Ukrainian Credit Union Limited (UCU) announced that they have signed a Letter of Intent to merge. The Letter of Intent allows for the completion of formal negotiations to bring together their two financial co-operatives into a single full-service financial institution to serve the Ukrainian Community across Ontario.
So-Use Credit Union Limited was founded in 1950 by the parishioners of St. Vladimir Cathedral (404 Bathurst Street). A savings and loan association, operating from St. Vladimir Cathedral since 1936, was the pre-cursor to the establishment of So-Use. So-Use’s bond of association grew to include the other three Ukrainian Orthodox parishes in Toronto, which came to be over time, namely St. Demetrius (Lakeshore Blvd., in Long Branch), St. Andrew’s (Dupont Street), and St. Anne’s (Scarborough) Head office branch is located in the heart of Bloor West Village at Bloor & Durie Mississauga Branch located in the vicinity of Square One. 5,300 membsers $70 million in assets 81st largest credit union in Ontario as at December 31, 2009. Nine-member Board and 19 employees. Ukrainian Credit Union Limited was founded in 1944 by members of the Ukrainian National Federation of Canada. 11 locations in Toronto, Mississauga, London, Windsor, Oshawa, Sudbury, Thunder Bay and St. Catharines. 20,000 members nearly $400,000 million in assets. 16th largest credit union in Ontario as at December 31, 2009. 11-member Board and 80 employees.
The merged credit union will have more than 25,000 members and assets in excess of $470 million, making it the 15th largest in Ontario. With a combined workforce of close to 100 employees, members will enjoy expanded services that include internet and mobile phone banking, a call centre, Interac, and branches in Toronto, Mississauga, Oshawa, St. Catharines, Windsor, London, Sudbury and Thunder Bay. The proposed merger comes after an extensive, six-month Request For Proposal process launched by So-Use that, in the end, identified UCU as the merger partner that would best meet the needs of So-Use members and most effectively support the credit union's values. UCU sought the merger as it has long considered So-Use to be an excellent fit with its business objectives and commitment to community.
Subject to full due diligence, a merger agreement is anticipated to be official by October 31, 2010. The transaction is subject to approval by regulators and by members of both credit unions. Prior to that, steps will be taken to ensure open communication with all members. So-Use and UCU are entering the merger from a position of strength - both having a strong capital base, positive growth, solid earnings, and loyal members. As So-Use and UCU enter the due diligence phase and finalize negotiations, both credit unions assure their respective members continued uninterrupted service. The Boards of both credit unions are extremely proud and excited by the prospect of bringing together two great co-operatives whose combined histories of over 125 years will serve as the launching pad for a new era of service, convenience and prosperity for our respective members.
October 31, 2010 - Starnews Credit Union Limited PurchaseCampbell's Employees' (Toronto) Credit Union Limited. On October 19, 2010. in its third acquisition, since the start of the year, Starnews Credit Union will now welcome Campbell's Employees' Credit Union to its membership. The acquisition, which comes into effect on November 1, 2010, will add another 562 members to Starnews. Since receiving its open-bond accreditation to serve anyone in Ontario, Starnews acquired the King-York Newsmen Credit Union in June and Air-Toronto Credit Union in September. George De La Rosa, Starnews CEO, says all of the acquisitions came about because of the overwhelming membership support of the credit unions involved. "There is no question that to be competitive and relevant as a financial institution, you need to offer a wide range of services and be able to change with the times. For a credit union, there is clearly the advantage of strength in numbers. We will now be able to offer services to the members of Campbell's Credit Union that they did not have before."
Starnews Board Chair Michael Mozewsky is excited about the shared enthusiasm. "This is anything but a takeover mentality. It is quite the opposite. You might say that the need for change was clear, and the time for change was now. There's a strong will to move forward so that together we present a sustainable, attractive choice in financial services – for all people, from all walks of life. The larger our membership and asset base, the more we can offer our members to increase their financial prosperity and security." By joining with Starnews, the members of Campbell's Employees' Credit Union will now have access to higher lending limits, mortgages, home equity lines of credit, on-line banking, TFSAs and reduced service charges on chequing accounts. As member-owners, they will also participate in Starnews' annual rebate program, which is based on their patronage of the credit union during the year. Starnews is owned and operated by its members, with a board elected from membership during annual elections. The credit union was originally formed in 1951 to serve Toronto Star employees.
October 16, 2010 - The merger between Chinook Credit Union Ltd. and Macleod Savings & Credit Union Ltd. became official September 1, 2010. In building the new organization and structure, two new executive positions were formed. It is with great pleasure that Chinook Credit Union Ltd. announces the appointment of two new Senior Executives. Scot Hadden has been selected to fill the role of Senior Vice President – Member Solutions, effective September 20, 2010. In his new role, Hadden will have overall accountability for areas related to member service, including deposits, credit and branch administration with a focus on building strong member relationships. Hadden’s previous experience includes having served as the VP Business Banking South Alberta of Servus Credit Union, as well as positions with Brooks Savings and Credit Union, Hussar Credit Union and Community Savings and Credit Union, among others. Daniel Johnson has been selected to fill the role of Senior Vice President – Strategy and Governance, effective October 1, 2010. In his new role, Johnsonwill have overall accountability for areas involving the strategic direction of Chinook, including the management of the areas of Finance, Technology, and Human Resources. Johnson’’s previous experience includes having served as the Chief Executive Officer of Rocky Credit Union, as well as positions with Concentra Financial, Credit Union Central of Saskatewan, and Watrous Credit Union, among others. Both Hadden and Johnson have unmistakably demonstrated the management qualities and experience required to excel in these new Senior Vice President positions. In addition, they each possess exceptional leadership skills as well as a broad and thorough knowledge of the credit union system, which will serve them well as they take on their new roles.
October 1, 2010 - Your Neighourhood Credit Union Limited merged with Fiberglas Employees (Guelph) Credit Union Limited. On August 24, 2010, The Board of Directors of Your Neighbourhood Credit Union (YNCU) announced that the membership of Fiberglas Employees (Guelph) Credit Union (FEGCU) voted by an overwhelming majority to join Your Neighbourhood Credit Union (YNCU), based in Kitchener. FEGCU members voted 99% in favour of joining forces with YNCU in order to create a stronger more vibrant credit union for their members. YNCU’s Chief Executive Officer Kerry Hadad is overjoyed with the result. “What a great endorsement of our new partnership! It’s an honour that Fiberglas Employees members voted so positively in favour of this partnership. We’re really looking forward to getting to know Fiberglas members, and to supporting the Guelph market.” “This is a great move for our members,” said FEGCU Board Chair, Nancy Gilbert. “We took great care in selecting a partner, and believe wholeheartedly that Your Neighbourhood Credit Union supports and believes in the same things our members support and believe in. This move means our members will benefit from a full-service credit union, and contribute to the growth of a larger community. I’m looking forward to the future with YNCU!”
Fiberglas Employees (Guelph) Credit Union serves approximately 250 members, and operates one branch in Guelph, with approximately $2.5 million in assets. YNCU currently serves approximately 29,000 members, and operates fifteen branches in Kitchener, Waterloo, Cambridge, Brantford, Paris, Mitchell, Sebringville, Stratford, Shakespeare, Windsor, LaSalle and Woodstock, with over $575 million in assets. The partnership means FEGCU will become an open bond credit union, welcoming all members of the community to bank with them. The agreement is anticipated to close on October 1, 2010 and will operate under the name of Your Neighbourhood Credit Union.
August 31, 2010 - Starnews Credit Union Limited merged with Air-Toronto Credit Union Limited.
July 31, 2010 - Meridian Credit Union Limited merged with Sunnybrook Credit Union Limited.
July 15, 2010 - Canadian Transportation Employees' Credit Union Limited merged with Brewers Warehousing Employees (Kitchener) Credit Union Limited.
June 30, 2010 - Rochdale Credit Union Limited merged with Polish Alliance (Brant) Credit Union Limited.
June 30, 2010 - Victory Community Credit Union Limited merged with Crown Cork and Seal Employees Credit Union Limited.
April 30, 2010 - Starnews Credit Union Limited merged with King-York Newsmen Toronto Credit Union Limited.
April 30, 2010 - Prime Financial Savings and Credit Union Limited merged with Brewers Warehousing Employees (Hamilton) Credit Union Limited.
April 16, 2010 - APPLE Community Credit Union Limited merged with Thunder Bay Elevators Employees' Credit Union Limited.
March 31, 2010 - Victory Community Credit Union Limited merged with Moore Employees' Credit Union Limited.
December 31, 2009 - Prime Financial Savings and Credit Union Limited merged with Nasco Employees' Credit Union Limited.
December 1, 2009 - Education Credit Union Limited merged with Canadian General Tower Employees (Galt) Credit Union Limited.
September 30, 2009 - Your Neighbourhood Credit Union Limited merged with Standard Tube Employees' (Woodstock) Credit Union Limited.
June 17, 2009 - Victory Community Credit Union Limited merged with William S. Gibson Employees' Credit Union (Mt. Dennis) Limited.
June 1, 2009 - Buduchnist Credit Union Limited merged with St. Mary's (Toronto) Credit Union Limited.
March 31, 2009 - Caisse populaire des Voyageurs Incorporée announced an amalgamation with Caisse populaire Nolin de Sudbury Incorporée and Caisse populaire Lasalle Inc.
November 30, 2008 - Ukrainian Credit Union Limited merged with Ukrainian (St. Catharines) Credit Union Limited.
November 1, 2008 - Copperfin Credit Union Limited announced an amalgamation with Lakewood Credit Union Limited and Kenora District Credit Union Limited.
September 30, 2008 - Virtual One Credit Union Limited merged with Oregon Employees Credit Union Limited.
August 1, 2008 - Caisse Populaire Pointe-aux-Roches-Tecumseh Inc. announced an amalgamation with Caisse populaire de Técumseh Inc. and Caisse populaire de Pointe-aux-Roches Limitée.
July 4, 2008 , Envision Financial, First Calgary Savings and Penticton-based Valley First Credit Union announced that they have entered into discussions to partner with one another in developing a new, innovative financial services organization for Western Canada. Because of the legal restrictions from entering into inter-provincial mergers between credit unions, which are all provincially regulated, the three credit unions are entering into a partnership. This partnership will be a new model that will see each of the credit unions retain their identity, community focus and local decision-making while providing member-owners the backing of a $7 billion financial services entity.
July 2, 2008 - Credit Union Central of British Columbia and Credit Union Central of Ontario combined as Central 1 Credit Union on July 1. With more than $7.5 billion in assets, Central 1 will provide liquidity management, payments, Internet and trade association services to 196 member credit unions in B.C. and Ontario, having a combined membership of 2.8 million, while also serving corporate customers with financial and transaction services. Central 1 has 475 employees -- 350 in Vancouver and 125 in Mississauga, Ontario.
The proposal to combine the two organizations was announced on Oct. 6, 2006, based on a long-term vision that other provincial centrals would join later to create a single entity serving credit unions from coast to coast. Across Canada, the system is currently served by six provincial centrals and a national trade association, in addition to Central 1. Don Rolfe, who was president and chief executive officer of B.C. Central, continues to hold that position with Central 1.
Under the transaction, B.C. Central acquired the assets and assumed the liabilities of Ontario Central at fair market value. Shareholdings in Central 1 reflect the proportion of member credit union assets in each province, with B.C. credit unions holding 69 per cent of voting shares and Ontario credit unions holding 31 per cent. Central 1 has a 16-member board of directors, with 11 drawn from B.C. credit unions and five drawn from Ontario credit unions. The centrals had originally expected to close the merger by October 1 last year, but the transaction was twice-delayed owing to difficulties in valuing the relative holdings of non-bank asset-backed commercial paper (ABCP) held by each organization, in light of financial market uncertainty. The centrals have now completed the combination transaction, which sees Central 1 moving forward with an immaterial amount of ABCP on its books.
June 30, 2008 , five Manitoba credit unions announced that they have had their members approve their amalgamation plans. Tiger Hills, Virden, Turtle Mountain, Cypress River and Hartney Credit Unions will form new credit union named SunRise Credit Union with $417.2 million in assets, 12 branches and 16,000 members. The combined credit union will be the eight largest credit union in Manitoba.
June 24, 2008 - Canadian artists, and film and television industry professionals, are celebrating a decision that gives approval to incorporate Ontario's newest credit union, the Creative Arts Savings and Credit Union. This credit union will be a banking institution tailored to meet the needs of working artists and professionals in the entertainment industry.
The credit union's approval marks a key milestone in a long process that was spearheaded by ACTRA, together with the DGC-O, IATSE, NABET and other film and television industry guilds and unions. Creative Arts is poised to begin operations, after it raises $2.5 million in start-up capital through investment shares. Once that takes place the credit union will be prepared to offer a full range of financial products and services. Steve Mumford has been appointed Chief Executive Officer of the new credit union.
ACTRA Toronto is the largest organization within ACTRA, representing over 11,000 of Canada's 21,000 professional performers working in the English-language recorded media in Canada. As an advocate for Canadian culture since 1943, ACTRA is a member-driven organization that continues to secure the rights and respect for the work of professional performers.
June 6, 2008 , two British Columbia credit unions - Duncan-based, Island Savings Credit Union and Nanaimo-based Coastal Community Credit Union announced that have entered into merger discussions. The combined credit union would have a total membership of 120,000 in 26 communities throughout Vancouver Island, with 35 branches, 28 insurance offices and close to 1,000 employees and $2.6 billion in assets. This would become the third largest credit union in British Columbia.
May/June 2008 issue of Atlantic Business Magazine has identified the 50 CEOs that meet its criteria to be exceptional business leaders who are dedicated to growing their businesses, their industries and the broader regional economy. Among this year's recipients are Jamie Baillie, President & CEO of Credit Union Atlantic Ltd and Allison Chaytor-Loveys, CEO of Newfoundland & Labrador Credit Union.
May 28, 2008 - The Corporate Knights is a leading environmental and social magazine and it released Responsible Investment Fund update, which ranks funds on their social, environmental and financial performance. The Ethical Funds Company saw eight of its funds awarded the highest award "five shield" ranking: Ethical Monthly Income Fund, Ethical Balanced Fund, Ethical International Equity Fund, Ethical Canadian Index Fund, Ethical Special Equity Fund, Ethical Growth Fund, Ethical Canadian Dividend Fund and Ethical Income Fund. Meritas Mutual Funds saw one of its funds receive the same award - Meritas International Equity Fund.
May 22, 2008 - Alterna Savings Credit union announced the receipt of two CONSUMERS' CHOICE AWARDS for excellence in the areas of Financial Planning (chosen by Greater Toronto Area consumers as the 2008 winner) and Loan Company (chosen by Ottawa area consumers as the 2008 winner). The CONSUMERS' CHOICE AWARD is an initiative of the CONSUMERS' CHOICE INSTITUTE (USA) and CONSUMERS' CHOICE INSTITUTE (CANADA). In 2007 each institute retained a leading independent research firm to conduct its survey in major Canadian cities. The winners of a CONSUMERS' CHOICE AWARD are determined by local consumers. The survey covers a broad range of categories of interest to the public and to the business community. Its purpose is to publicly identify those establishments which have been voted by consumers as being their choice for excellence.
May 8, 2008 - Credit Union Central of Canada presented its annual National Credit Union Awards for outstanding achievement. Because of the quality of this year's entries, the judges selected two winners for the 2008 Community Economic Development Award -- Coast Capital Savings of Surrey, B.C. and Vancity Credit Union of Vancouver.
Coast Capital Savings Credit Union was honoured for its support of a program called the Quality of Life Challenge that brings diverse partners together to generate long-lasting solutions that prevent and reduce poverty in Victoria. It has committed $500,000 and many hours from employees to this program that has made a significant contribution to increasing incomes, providing affordable housing and encouraging community engagement.
Vancity Credit Union received recognition for its efforts at addressing the lack of affordable housing and the difficulty of owning a home in the Vancouver area. Its program, Facing Poverty: Affordable Housing and Home Ownership, has focused on education, products and services, advocacy and working with community groups.
Coast Capital Savings Credit Union was also selected as the winner of the 2008 National Credit Union Innovation Award for its use of Julie - the Online Greeter™ as part of a redesign of its website. Julie provides visitors helpful information in an entertaining way.
Four young credit union professionals were recognized as National Young Leaders:
David Lanphear received the National Young Leaders Award, which provides a $10,000 scholarship to cover tuition and travel costs to attend a leadership development program at a university in Canada.
Wayne Nygren, former President and Chief Executive Officer of Credit Union Central of British Columbia, was inducted into the Canadian Credit Union Hall of Fame in recognition of his more than 35 years service to the credit union system. He was CEO of B.C. Central from 1985 until April, 2006. He was a director of Canadian Central from 1988 until 2006.
April 28, 2008 - The Globe and Mail published Great Place to Work® Institute Canada's 2008 list of "Best Workplaces in Canada". The Great Place to Work Institute(R) Canada, founded by the workplace experts at the Graham Lowe Group in Kelowna, B.C., analyzed 179 surveys encompassing over 24,000 employees across Canada. The Great Place to Work(R) Institute Model(C) has, since 1998, served as the basis for Fortune magazine's annual list, "100 Best Companies To Work For in America"(R), since 1998, and is now used in 30 other countries around the world. SaskCentral has been recognized for the second consecutive year, placing in 6th place moving up from 13th place last year. Vancity Savings Credit Union had been recognized in 2007 and 2006 placing 6th and 1st respectively, but was not on the 2008 list.
April 24, 2008 , two Nova Scotia credit unions - Halifax Civic Credit Union and Credit Union Atlantic approved the amalgamation of their two organizations with an effective date of July 1, 2008. The combined credit union will have $250 million in assets, 16,700 members and 7 branches.
April 2, 2008 -Lipper Fund Awards Canada 2008 event was held in Toronto at which The Ethical Canadian dividend Fund won the Best Fund over Five Years, Desjardins Environment Fund won Best Fund over Three Years and the Desjardins Quebec Balanced Fund won Best Fund over One Year. The Lipper Fund Awards program highlights funds that have excelled in delivering consistently strong risk-adjusted performance, relative to peers. This award shows that the performance of SRI funds can compete well against any funds in Canada. The Lipper Fund Awards are awarded in 21 countries across Asia, Europe and the Americas.
March 13, 2008 - Each year The GLOBE Foundation and The Globe and Mail (Canada's national newspaper) proudly support the commitment of these business leaders by recognizing outstanding achievement in environmental stewardship with the GLOBE Awards for Environmental Excellence. The Ethical Funds Company was named as Canada's Sustainable Investment & Banking leader. This award is presented to companies and industry groups who have balanced competitive business strategies and sustainable development.
February 27, 2008 , three Alberta credit unions agreed to an amalgamation - Common Wealth, Servus and Community savings Credit Unions with an effective date of November 1, 2008. The combined credit union will employ 1,925 employees and have approximately 400,000 members in 63 communities through 92 locations. The combined credit union had assets of $8.58 billion as October 31, 2007 and will be the largest in Alberta and the third largest in Canada.
February 8th, 2008 . Imagine Canada announced their Canadian Business and Community Partnership Awards. A partnership between Coast Capital Savings and Volunteer Richmond Information was recognized. Their program, Leadership Richmond, was a collaborative initiative designed to harness local leadership potential by training young adults to serve as board members for non-profit organizations.
January 16, 2008 - This year's Top 25 ranking of Canada's best small and medium employers was the fourth annual undertaking by Queen's Centre for Business Venturing at the Queen's School of Business and human resources company Hewitt Associates in partnership with The Globe and Mail. Two Ontario credit unions, Windsor Family Credit Union and Peterborough's Kawartha Credit Union, as well as Spectra Credit Union of Estevan, SK, ranked third, fifth and fifteenth respectively in the Top 25 Best Small and Medium Employers in Canada, published by The Globe and Mail. The rankings were primarily determined using the results from Employee Opinion Surveys. The evaluation process also includes the assessment of organization practices and perspectives from the leadership team. This year, more than 150 companies across Canada registered to participate in the study.
January 2008 , Belgian Credit Union and Alliance Credit Union, both based in Winnipeg agree to amalgamate and form a new credit union called Belgian-Alliance Credit Union with three branches.
December 6, 2007 , the membership of Greater Victoria Savings Credit Union agreed to a merger with Vancity Savings Credit Union. Founded in 1940, Greater Victoria Savings Credit Union has more than $66 million in assets, 5,100 members and four branches throughout Victoria. Greater Victoria Savings is the result of 16 mergers over its 67-year history.
November 30, 2007 - The Ethical Funds was honoured with two major awards at the 13th Annual Canadian Investment Awards Gala held in Toronto. For the fourth year in a row, The Ethical Funds Company won the Socially Responsible Investment Fund Award for its Ethical Special Equity Fund, managed by QV Investors. The award was given for the fund's impressive financial performance and industry leadership. The Ethical Special Equity Fund was also recognized with the Canadian Small/Mid Cap Equity Award, alongside UA Clarington Investments. The Ethical Funds Company has an impressive record of success at the Canadian Investment Awards, including winning the Imagine Canada Socially Responsible Investment Award in 2006, 2007 for its Ethical Special Equity Fund and in 2004 and 2005 for its Ethical Canadian Dividend Fund.
October 9, 2007 - Maclean's Magazine announced its list of 100 Top Employers. Assiniboine Credit Union was identified as a Top 100 Employer on the strength of the way it managed the merger of three credit unions and 24 branches in 2007. The credit union made a priority of making its 521 employees were properly taken care during the merger.
September 14, 2007 , Buffalo Credit Union approved a merger with Assiniboine Credit Union with an effective date of January 1, 2008.
September 1, 2007 , three Saskatchewan credit unions - FirstSask, Affinity and Nokomis Credit Unions will present their amalgamation proposal to their memberships in November 2008. The combined credit union will be called Affinity and have 95,000 members in 34 communities with 45 branches. The new Affinity Credit Union will have assets of $2.1 million and will be the second largest credit union in Saskatchewan.
June 26, 2007 , two Ontario credit unions - Grand River and Your Neighbourhood Credit Unions announced that their proposed merger has been approved by their memberships, in Special General Meetings held in Kitchener June 19th and Windsor June 20th. The effective date of the amalgamation is October 1, 2007 and will operate under the name of Grand River Credit Union. The combined credit union will operate 9 branches in Kitchener-Waterloo, Cambridge, Brandford, Windsor and LaSalle areas serving 25,000 members, with $337 million in assets.
June 14, 2007 , Terrance and District Credit Union approved a merger with Northern Savings Credit Union. Essentially, Northern Savings entered into an asset transfer agreement with Terrance & District Credit Union with an effective date of July 1, 2007. Terrance & District will add 4,000 members, 25 employees and $40 million in assets. The combined credit union will have 21,000 members, six branches and $325 million in assets.
April 24, 2007 , North Shore Credit Union and Prospera Credit Union announced that have entered into merger discussions. The combined credit union would be the 3rd largest in British Columbia, with $4.2 billion in assets under administration, 28 branches, 100,000 members and nearly 800 employees. These merger discussions were subsequently discontinued.
April 19, 2007 and April 26, 2007 , the Board of Directors of New Glasgow and Bergengren Credit Unions respectively voted to amalgamate their credit unions with an effective date of July 1, 2007. The combined Nova Scotia credit union will have 3 branches, serving 17,500 members, with $141 million in assets and employing approximately 60 people.
April 17, 2007 , the Board of Directors of Cornerstone (Yorkton), Advantage (Melfort), Gateway (Archerwill) and Tisdale Credit Unions have announced that they have approved the amalgamation of the four credit unions effective January 1, 2008. It will be the fourth largest credit union Saskatchewan, managing $880 million in assets, serving 40,000 members and employing approximately 300 people in 24 different communities.
April 1, 2007 , Assiniboine, Astra and Vantis Credit Unions completed the integration of the merger which took effect on January 1, 2007. The combined credit union on the effective date had 25 branches, serving 104,813 members and assets of $1.9 billion and is now the second largest credit union in Manitoba.
March 19 and March 22, 2007 , Crosstown and Civic Credit Unions voted in favour of creating a new credit union, which will be called Crosstown Civic Credit Union. The new credit union will be the fourth largest credit union in Manitoba with $779 million in assets, 8 branches and over 30,500 members. The merger officially takes effect on July 1, 2007.
February 21, 2007 , VanTel/Safeway Credit Union members voted to merge with Vancity Credit Union with an effective date of April 1, 2007. The merger will add to Vancity Credit Union $300 million in assets, 17,000 members, 75 employees, 7 branches and 8 ATMs.
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