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Innovation Credit Union gears up for vote to go national

Oct 17, 2017 | 5:00 PM

Innovation Credit Union is gearing up for its big vote to determine whether it will change to become a federally-regulated credit union in the future.

About 65 members, staff and visitors attended an information meeting at the Dekker Centre, Tuesday to learn more about the company’s proposal and the upcoming member vote.

Chief executive officer Daniel Johnson offered some insight into what the credit union hopes to achieve by going national and discussed some of the challenges if it stays status quo.

According to Johnson, the company is concerned about increased competition in the Western Saskatchewan region where it currently operates. Previously, Innovation competed mainly only with other Saskatchewan financial institutions. Now, through the Internet, businesses from outside the province also compete to attract customers from the local region. More companies, not just financial institutions, are also branching out into the financial service industry, adding to that competition. 

Johnson said the local region also has an older population.

“Right now, we’re about 10 years older than the rest of the province, and the rest of Canada,” he said. “We want to have access to that younger demographic. Our members have made us successful, but we want to grow in a fashion where we can rectify that situation.” 

Johnson added while there has been some recent immigration, the region for the most part has a flat population growth which can also limit Innovation’s attempts to build its member base.

“The biggest benefits are for the members – the 51,000,” he said. “It benefits them because they will have a credit union for the long run.”

The chief executive officer said the staff will also benefit in a federally-regulated credit union since there will be more opportunities for people for jobs and career development in a growing organization.

“The head office will stay right here. It will be a Saskatchewan head office, but we will have the opportunity to grow beyond our provincial walls,” he said.   

He added Innovation Credit Union and its board will ensure local interests continue to be protected through its bylaws and strategies, adding the “overall goal is not to change the way we govern our organization.”  

One member in attendance, North Battleford resident Orest Chrunik, said he hasn’t decided on how he will vote, and wants to see the credit union stay local, so there is “better local service.”

“I’m still sitting on the fence,” he said.

Johnson said he has mainly been hearing positive comments from most members on the proposed change.

“We have really strong support,” he said.

Vote in November

The start of the Innovation vote takes place Nov. 22 at the Dekker Centre in North Battleford. Polling stations will be set up in all of the Innovation Credit Union locations in the province. There will also be mail and online voting.  

The company needs to have the majority, of at least 75 per cent of members who do vote, over the three-week voting period until Dec. 8.

“We’ll know that this fall whether our membership allows us to go to the next stage,” Johnson said.

If successful, the credit union will be able to become federally-regulated on Jan. 1, 2020. 

 

angela.brown@jpbg.ca

On Twitter: @battlefordsnow