JOINT NEWS RELEASE
As there is no geographical overlap, the merger of these two credit unions means that each will maintain a strong community foothold and branch presence.
The agreement provides the opportunity to take advantage of shared technology and additional member service channels while continuing to deliver local, personalized and cooperative financial services to individuals, businesses, and farms.
“We are excited about the opportunity to align with an organization that supports our vision of delivering financial solutions to our members and communities. We are passionate about making our members lives easier and helping them reach their financial goals. Combining our operations will ensure that our members have increased access to branch and convenience locations, access to more financial product offerings and enhanced member services," said Community First CEO Brent Lamming.
YNCU’s CEO, Kerry Hadad, said, “There is so much that aligns our two organizations, including shared values for our staff and members, which makes this agreement a natural step. We share the principles of building relationships with members that enrich their lives and their communities. Working together as equals in pursuit of the greater good is what we want to achieve with this partnership.”
CFCU serves 15,000 members and operates three branches in Sault Ste. Marie and Timmins; they hold approximately $490 million in assets under administration. YNCU currently serves approximately 43,000 members, and operates 18 branches across Southwestern Ontario (Kitchener, Waterloo, Cambridge, Brantford, Paris, Mitchell, Sebringville, Stratford, Shakespeare, Windsor, LaSalle, Guelph, Woodstock, and London) with over $1 billion in assets under administration.
There is no planned job loss as a direct result of this merger, and employees will have an opportunity to grow and develop under the new combined organization.
“Merging our organizations will strategically position both Community First and Your Neighbourhood Credit Union for long term growth and sustainability. As a board we are committed to ensuring that our members and communities have an opportunity to succeed financially and we see the same values in Your Neighbourhood Credit Union," said Community First’s Board Chair, Jeff Piper.
YNCU Board Chair John Haines echoed those sentiments, “Our respective communities will benefit from a stronger credit union that will continue to be good community leaders that connect us together. We’re pleased to be delivering co-operative banking with a partner such as Community First; this is truly a partnership of equals.”
The merged organization will be known as Your Neighbourhood Credit Union; however, the Community First branches will retain their name and branding.
Mr. Hadad will be CEO of the merged entity, while Mr. Lamming will assume a senior organizational strategic role with YNCU as Senior VP of Strategy and while continuing to lead the Community First region as President. Subject to the normal conditions of due diligence, regulatory and membership approval, the agreement is anticipated to close on December 31, 2015. The merged entity will become the 6th largest Credit Union in Ontario.
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