“We see this union as an opportunity to ensure Vision and Encompass members continue to benefit from financial services by rural Albertans, for rural Albertans.”

FOR IMMEDIATE RELEASE

Camrose/Wainwright, Alberta – The Boards of Encompass Credit Union and Vision Credit Union are pleased to announce that members have voted in favour of the proposed merger between the two neighbouring credit unions. Members cast their ballots at a Special Meeting of Members held on June 1 for Encompass members, and June 2 for the Legacy Vision membership, and returned a majority vote in favour of the union. The final tally saw 264/267 of Encompass members present and 174/176 Vision members present voting for the merger.

After years of collaboration as neighbours, the Boards of Directors of both credit unions launched a comprehensive due diligence process early in 2022 to explore the viability of a merger. This membership vote followed the Board’s approval of that business case. Subject to government approval, the two credit unions will combine their operations on November 1, 2022, under the banner of Vision Credit Union.

“We’re thrilled members of both Encompass and Vision credit unions put their trust in us with this vote,” said Glenn Friesen, Board Chair for Vision Credit Union. We pursued this merger because we believe that we can build a stronger credit union for today’s rural Albertans, and for future generations.”

Doug Callaghan, Encompass Board Chair added, “Uniting as one credit union provides the opportunity to take advantage of shared technology and member services, while continuing to focus on the specific financial needs of the people in our neighbouring regions. This merger will help us deepen our partnership with our members, employees and the communities we serve.”

“By bringing these two well-established and values-based credit unions together, we are positioning ourselves to succeed in today’s competitive environment,” said Kelly Longley, President and CEO of Encompass Credit Union.

“As financial services in this province continue a trend of consolidation, we see this union as an opportunity to ensure Vision and Encompass members continue to benefit from financial services by rural Albertans, for rural Albertans,” said Steve Friend, CEO of Vision Credit Union. 

If the merger receives the required regulatory approvals, the amalgamated Credit Union – Vision Credit Union – will have $2.1 billion in assets, more than 34,800 members, 256 staff members and 23 branch locations across rural Alberta.

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