116-1 for Caisse merger
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.