(Cam Lee/northeastNOW Staff)

By Cam Lee

Credit union merger

Cornerstone, Horizon and Plainsview Credit Union boards approve business case to merge

May 13, 2020 | 5:00 PM

The proposed merger of Cornerstone, Horizon and Plainsview Credit Unions has taken another step forward.

The board of directors for all three institutions have approved the business case to proceed with a merger.

The new credit union, should the merger be approved, would be known as Cornerstone Credit Union. Current Cornerstone Chief Executive Officer Doug Jones would also become the CEO of the newly amalgamated institution, while the 12-member board would feature six members of the current Cornerstone Credit Union, and three each from Horizon and Plainsview.

Cornerstone Credit Union currently has nine branches in local communities including Archerwill, Rose Valley, Tisdale and Wynyard.

Horizon Credit Union serves 5,125 members with branches in Melville, Grayson, Neudorf, Grenfell and Wolseley. Plainsview serves 6,500 members in Arcola, Kipling, Glenavon, Vibank, Montmartre, Odessa, Indian Head, Emerald Park/White City, and Govan.

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Jones told northeastNOW the business case was endorsed unanimously by all three boards.

“Lots of due diligence went into that process to make sure all three credit unions are soundly operating, and that was validated through that process,” Jones said.

He said the business case showed all three institutions are effectively governed and run, which is especially important with the fallout from COVID-19.

“Us coming together is likely more important than ever in this time of uncertainty,” Jones said.

The final stage of approval for a merger to take place will be a vote by members of all three credit unions. That vote will be online during the week of June 15 to 19, 2020, with the results likely released the following week.

Jones said the vote would bring clarity on the organization’s direction, and the endorsement of the membership is critical.

“We can then make decisions moving forward for the benefit of members, knowing that we are going to be doing it together and not as individual credit unions,” Jones said.

He said members can find plenty of important information on the proposed merger on their website, and anyone with questions can contact them.

The new credit union would be the fourth largest in the province, serving over 35,000 members in 23 communities. Jones said having a larger presence is important, but it’s also crucial to have partners with similar goals and visions.

“You definitely have to have like-minded partners and like-minded people, both at the board table and within the employee group managing the organization,” Jones said.

He said the larger credit union can create efficiencies that they can turn into competitive products and services for members, and expanded technology offerings for both members and employees.

If approved, the new credit union would be launched in January of 2021. However, Jones said there is a provision permitting them to move that date forward should the current COVID-19 situation prevent legal requirements from taking place before then.

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cam.lee@jpbg.ca

On Twitter: @camlee1974