At Mountain View Credit Union, we are committed to our community support and are proud of the impact we can make in our local areas. Currently, each branch has direct control over their own community investment amounts, plus the credit union adds corporate sponsorships, including $13,500 in scholarships. Mountain View also hosts a Charity Golf Classic annually that has raised $93,000 in the past five years for local organizations such as JazzFest and the Olds Splash Park. In 2015 alone, our community investment represented over 4% of our pre-tax profit.
Mountain View doesn’t just provide financial support to our communities. We also encourage our employees to be active in local organizations and events. Our employees contributed over 3,000 hours of volunteer time in 2015.
Likewise, Eckville Credit Union provides annual support to the Eckville area through donations, scholarships, prizes and sponsorships, including $100,000 contributed to the walking trail in 2014. The Eckville staff is also actively involved in the local community, with as much as 1,000 hours in volunteerism annually.
Going forward, the new credit union will continue to provide these kinds of significant amounts to the communities where we live and work. If this merger is successful, all of the branches, including Eckville, would have their own allocated resources, including dollars and support in volunteerism, to continue to help their local areas flourish.
+ Why are Eckville Credit Union and Mountain View Credit Union considering a merger?
Together we are stronger. A merger between Eckville and Mountain View allows us to more effectively invest in the resources that all credit unions require such as marketing, data processing, banking systems, networks and compliance oversight. Regardless of the size of a credit union, these investments are necessary but by merging resources, the two credit unions can share those future costs over a larger membership and asset base.
+ Why these two credit unions?
- Similar values and priorities. Both organizations see this as a potential opportunity to leverage combined strengths for members with a broader range of products, services and resources.
- Enhanced member services. A merger would create a single organization with increased financial value and improved risk management, with service from the same great people you know and trust.
- Common goals.
/ Provide flexible and innovative products and services to members
/ Enhance career opportunities for staff
/ Increase engagement within our communities
+ Who is Ecvkille Credit Union?
Like a lot of prairie credit unions, Eckville District Savings and Credit Union started shortly after the Great Depression. On July 15, 1943, it was officially formed, and they’ve served the Eckville area ever since.
This credit union was “born and raised” in Eckville. From humble beginnings it has grown with the Eckville area. The credit union now has 16 employees, over 2,300 members and manages more than $95 million in assets.
+ Who is Mountain View Credit Union?
Like Eckville, Mountain View’s first branch opened in Cremona in 1943. Today, Mountain View’s 110 employees serve over 15,000 personal, business and agriculture members in 12 Central Alberta communities. It is headquartered out of Olds and has assets of $645 million.
+ What would be the size of the merged credit union?
Once merged, the new Credit Union will:
- Offer 13 locations across Central Alberta
- Employ approximately 125 people
- Serve approximately 17,000 members
- Manage over $740 million in assets
+ What will happen to my local branch staff?
We want our members to continue to benefit from the same friendly banking and smart advice, so we are pleased to say that there would be no loss of employment as a result of the merger. In fact, as part of a larger organization, employees will have more administrative support so that they can focus more on member service.
+ What’s in it for me as a Member?
The merged Mountain View will have a greater ability to:
- Manage the challenges that credit union face in an increasingly competitive and complex market
- Provide enhanced levels of specialized expertise through training and development
- Deliver more responsive advice-based services
- Provide greater value to members and communities
The shared future vision is a credit union that is operationally competitive and differentiated through its advice-based service culture and support for community. This means providing professional service with personalized investment and credit management advice to each of our members to help them meet their individual financial goals.
If this vision is successfully implemented, within five years of amalgamation, it is expected that the credit union will realize approximately $2.6 million in financial capacity. Going forward, the new Mountain View will then continue to achieve incremental financial capacity of at least $800,000 per year.
All of these funds will either result in additional net operating income or can be re-invested in the credit union to: fund incremental business growth, enhance levels of service to members and enhance the efficiency and effectiveness of operations. By reinvesting back into the business, Mountain View will be driving greater value for members.
+ What are some non-financial benefits to our members?
- More branch locations
- Improved products and services
- Enhanced in-branch service because employees can focus more on members and less on administrative duties
- Dedicated wealth management services
- Enhanced business and agricultural services with the ability for the credit union to manage larger member connections
- Access to innovative technologies like Interac Flash and Online Banking PAC reset
- The long-term viability of the credit union way of banking for our rural members
+ What will the name of the organization be if the merger is completed?
The merged credit unions would maintain the Mountain View Credit Union name and visual standards.
+ Who would be the CEO?
The merged credit unions would be led by Bob Marshall (the current President & CEO of Mountain View) as President & CEO, supported by an executive management team that will include Mitch Krecsy, who is the current General Manager of Eckville.
+ What happens to the Board of Directors if the merger is completed?
The Board of the newly merged Credit Union would be comprised of all available directors from the two legacy Boards. To maximize the partnership opportunity, the inaugural chair would be Richard Anderson, the current chair of the Eckville Board. The inaugural Vice-Chair would be Charlie van Arnam, the current chair of the Mountain View Board.
+ How would the needs of members continue to be represented?
Both Credit Unions believe in community commitment and local decision-making. The bylaws of the new credit union would provide for representation from the entire geographic region it represents.
+ What happens to my equity? My deposit accounts? My loans?
Each member’s equity, deposits and loans remain intact and will convert dollar for dollar when we merge. Actually, Eckville members’ will find less redemption restrictions on their common shares, improving the benefit of this long-term investment.
Your account numbers, cheques, automatic fund transfers (AFTs), MEMBER CARD® debit card, MasterCard® credit card and Global PaymentTM MasterCard® will remain the same.
After the merger, Eckville members will gain increased convenience and security with new Mountain View MEMBER CARD® debit cards with INTERAC† Flash technology. These new cards would be mailed out to everyone that is currently an Eckville Credit Union member.
+ When would the merger take place?
Membership meetings for both credit unions will be held, in accordance with the required legislation, to provide an opportunity for members to vote in support of the merger. If approved by both memberships, the merger will take effect on August 1, 2016.
+ Would there be changes to my account packages as a result of the merger?
We will take this opportunity to fully review the products and services of both credit unions. Our goal is to take the best of both to provide the optimal and competitive product offering for all members. This could mean some changes and improvements, or the introduction of new products.
+ How do I provide support for the merger?
For the proposed merger to pass, shareholders of each Credit Union must approve the merger resolution at the Special General Meeting by at least two-thirds of those casting votes.
Fifty (50) members must attend, in person, to achieve quorum. There are no proxies allowed for membership shares.
Members are invited to attend a town hall meeting to ask questions and learn more about the proposed merger:
Thursday, May 5th, 7pm Pomeroy Inn, 4601 – 46 Ave, Olds
Tuesday, May 17th, 7pm, Eckville Legion Hall, 5027 – 51 Ave, Eckville
Should you have any further questions, please feel free to contact your local branch, or email email@example.com.