Members of Catalyst and Vanguard credit unions approved a proposal to amalgamate their operations.
“We’re happy for our members,” said Vanguard Board Chair Guy Huberdeau. “We believed we’d put forth an agreement together that benefits our members, employees, and communities — and tonight the majority of members validated that belief.”
In total, 738 members cast votes. At both credit unions, votes in favour were well in excess of the required two-thirds majority.
“These votes show the credit union system in action, where the co-operative principle of ‘democratic member control’ gives member-owners the final say on important initiatives,” said Catalyst Chair Richard Dereniwski.
The amalgamation will create a credit union with over a billion dollars in assets under administration, 29,500 members, 180 employees and 18 branches. The official amalgamation date is April 1, 2018. The amalgamation is subject to approval by the Competition Bureau.