The Boards of Directors of Affinity Credit Union, Advantage Credit Union and Spectra Credit Union have announced that they are proposing to their respective members the merger of their organizations effective July 1, 2013.
The merged credit union would operate under the name Affinity Credit Union.
For the past few months, the three credit unions have undergone a careful process of consideration and dialogue and a thorough due diligence process to ensure that the proposed merger was in the best interests of their members, their communities and their employees.
“We are a good match in all respects,” said Scott Flavel, President, Affinity Board of Directors. “We each have a strong commitment to enhancing service for members and look forward to combining the expertise, knowledge and experience of our teams of staff which is our most valuable resource in meeting that need.”
“We are excited about the possibilities to enhance our business and to better serve our members” said Milton Kerpan, President, Advantage Credit Union Board of Directors. “We also look forward to continuing a strong grass roots connection to our communities and a commitment to traditional credit union values.”
“This merger provides for growth and further diversification in both the rural and urban markets” said Wayne Amos, President, Spectra Credit Union. “It will also provide additional resources in serving our members.”
The merger is subject to membership and regulatory approval. A vote by Affinity members will
be held on April 3rd, followed by Advantage members on April 4th, and Spectra members on April 8th.
Should all three credit unions receive member approval, the merged credit union would serve over 140,000 members from 76 branches in 68 communities across Saskatchewan and would have $4.5 billion in assets under administration.