LSCU members vote in favour of amalgamation
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This article was published 15/04/2015 (3861 days ago), so information in it may no longer be current.
The members of La Salle Credit Union voted 92.5 per cent in favour of amalgamation with Caisse Financial Group at a special meeting on April 7 at Kingswood Golf & Country Club in La Salle.
According to the amalgamation agreement signed by the board of directors of both co-operatives, the amalgamation is scheduled for Oct. 1, 2015.
LSCU operates a single branch in La Salle with more than 2,500 members and $90 million in assets. Following the amalgamation, the La Salle location (45 Rue Principale) will become Caisse Financial Group’s 27th branch.
“The financial industry is changing and a single branch operation can find it difficult to meet the increasing challenges such as increased competition, regulatory equity requirements and technological changes” said LSCU CEO Daniel Dion in an email.
“The Caisse Financial Group has been a trusted partner of LSCU for years as it has been providing our banking system and technological services. As such, they already have an intimate knowledge of our operations which will greatly simplify the amalgamation and cause less disruption for our members.
We are now beginning the next step of developing a formal transition plan in order that we are completely ready for the Oct. 1 amalgamation date,” he said.
He thanked the LSCU board and staff members for their participation in the project, and the credit union members for providing a strong mandate.
Réal Déquier, president of Caisse Financial Group, is also very happy to welcome La Salle back into the Caisse family, La Salle having been a caisse populaire from 1953 to 2003.
“We are pleased to reintegrate La Salle into the Caisse branch network, thereby increasing our assets and members and providing economies of scale that will make us more efficient and more competitive in the market. We are looking forward to offering our services and our support to La Salle and its surrounding communities,” Déquier said.
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— Staff