116-1 for Caisse merger

The Glengarry News - - Front Page - BY STEVEN WAR­BUR­TON News Staff

Mem­bers of the Caisse pop­u­laire de la val­lée have voted over­whelm­ingly to merge with 10 other caisses through­out the prov­ince.

Lo­cally, 117 mem­bers voted Novem­ber 27, with 116 of them favour­ing the restruc­tur­ing.

The new Des­jardins On­tario Credit Union will of­fi­cially be formed Jan. 1, 2020.

“With 50 branches, a Des­jardins Busi­ness cen­tre and a Des­jardins Sig­na­ture Ser­vice, the new credit union will en­sure its 130,000 mem­bers have ac­cess to ser­vices no mat­ter where they are in its vast ter­ri­tory,” said a press re­lease, adding that the new credit union will have nearly 650 em­ploy­ees, 17 board mem­bers, and more than $13.6 bil­lion in as­sets un­der man­age­ment.

Chan­tal La­joie, Ex­ec­u­tive Di­rec­tor of the Alexan­dria caisse, says that the merger won’t mean a whole lot of changes at the lo­cal level. The caisse will re­tain all of its em­ploy­ees, she says.

There will now be one board of di­rec­tors to look af­ter the op­er­a­tions of all 11 branches.

She stresses that there will still be a lo­cal com­mit­tee that ad­vises the board.

This isn’t the first merger the caisse has un­der­gone. A num­ber of years ago, the for­mer caisse pop­u­laire Alexan­dria amal­ga­mated with branches in St-Bernardin and Ste-Annede-Prescott to be­come La Caisse pop­u­laire de la val­lée.

The amal­ga­ma­tion is touted as a way to help the credit unions com­pete with the big banks.

The merger also in­cludes caisse pop­u­laires in Hawkes­bury, Al­fred and Cornwall.

The boards of di­rec­tors of the East­ern On­tario in­sti­tu­tions have en­dorsed the amal­ga­ma­tion, based on the prom­ise that join­ing forces could help the On­tario caisses to grow and re­spond to cur­rent and fu­ture chal­lenges.

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