PHOTO BY PRESCOTT JAMES Enlarge Image

Sanford Credit Union CEO David Domes (left) and president Barry Feller announced this week SCU will merge with Access Credit Union.

Sanford Credit Union customers could be exchanging their old bankcards for new ones next year.

SCU announced plans earlier this week to merge the two-branch credit union with the Access Credit Union, which currently has 12 branches in Southern Manitoba.

The merger has been approved by the boards of both credit unions and SCU management is now asking its 2,000 members to approve the proposed merger. It is scheduled to take effect Jan. 1, 2013, at which time the two institutions will be known as Access Credit Union.

Sanford chief executive officer David Domes said there were a number of factors that persuaded the board to pursue a merger at this time.

"The financial services industry is extremely competitive, it relies on technology that is becoming more complex and expensive all the time and it is highly regulated," he said.

"It is increasingly difficult for smaller credit unions to stay current and meet all regulatory requirements while also delivering the products and services our members want."

Domes added that while the credit union is in a strong financial position and has solid membership in the two communities it serves, Oak Bluff and Sanford, the board has been considering the merger for some time.

"It was a question of timing," said board president Barry Feller. "We knew we would need to merge eventually, but we wanted to find the right partner, with the same roots and values, that would best be able to meet the needs of our membership well into the future."

Domes said the proposed merger is not expected to negatively impact SCU members.

"There is always concern with change, but I think the way we have done our merger has allowed us to keep the things that are important to our membership and staff," he said. "The branches and the staff in the communities we represent are all going to remain in place."

Domes said that the 10 employees that SCU currently has will remain on staff and both branch locations will remain open.

He said SCU members are being urged to attend two upcoming information sessions to be held March 21 at the Meadows Clubhouse in Sanford and March 22 at the Oak Bluff Community Centre respectively. Both meetings will begin at 7 p.m.

facebook.com/TheHeadlinerWpg
Twitter: @HDLYHeadliner

prescott.james@canstarnews.com