Innovation Credit Union members vote ‘yes’ on federalization

Dec 13, 2017 | 9:49 AM

Innovation Credit Union members have voted in favour of Innovation’s proposal to become the first federal Credit Union headquartered in Saskatchewan.

Of the more than 17,200 members who voted, 82 per cent voted in favor of the special resolution.

Innovation’s Board President Bruce Sack was pleased with the voter turnout and the member’s interest in the Credit Union’s future direction.

“The voter turnout was simply outstanding,” said Sack. “It’s the largest membership vote in our history. We’d like to thank our members for their tremendous support of our proposal.”

A positive vote was a required first step in the approval process for Innovation Credit Union. Other Canadian regulatory bodies will also have to approve the Credit Union’s application to become a federal entity.

“We needed 75 per cent of our voting members to vote in favor of the proposal in order to proceed,” CEO Daniel Johnson added. “Our board can now confidently move forward with the application.”

As a federal Credit union, Innovation would have flexibility to address upcoming challenges such as an aging membership and growing competition from banks and technology companies who provide financial services across the country, according to the financial institution.

 

roger.white@jpbg.ca

On Twitter: @RJWtheReporter