Dear Editor
At the Synergy Credit Union annual meeting, the board of directors announced they had been approached by Conexus Credit Union and Innovation Credit Union with a proposal to amalgamate. The board of directors state there would be discussion and time to analyze the pros and cons of such an amalgamation by the members. The board stated there would be an information meeting to discuss whether we should amalgmate or maintain the status quo.
The first information meeting was held in Lloydminster in November. The board stated they had approved the concept of amalgamation, and opened the floor for discussions. Members were informed the vote on amalgamation would take place in January with a 75 per cent majority needed to proceed with the amalgamation.
During the discussion at the information meeting there were different views on the amalgamation concept expressed. Some members stated the advantages of the proposal and indicated amalgamation was a good concept. Elder members of the credit union, who had slept under the watchful eye of past, but not forgotten, president Hardy Salt, voiced their opinion about the disadvantages of amalgamation. As always, members are protective of their own credit union and are passionate about it.
After the question and answer period it was concluded the board of directors of Synergy Credit Union, that more information was needed by y the members. A motion was put forward to have another information meeting for the members, so they could make an informed decision
At the next Synergy Credit Union information meeting, the board will have to justify their unanimous decision to proceed with amalgamation. As with any major deal, prudent economic decisions should be made. I would expect members will want to slam the door and kick the tires on this proposed vehicle.
A few questions that come to mind are:
What is the financial status of Innovation Credit Union and Conexus Credit Union?
Where would serious policy decisions such as savings and interest rates, and services be made?
What are the implications for members when credit unions own real estate and/or mortgage entities?
The next Synergy Credit Union information meeting should be interesting and enlightening as we prepare to make the decision to merge, or not to merge, with Innovation Credit Union and Conexus Credit Union.
Jo Holden and Jean Sloan
Lloydminster, Sask.
