Servus members vote for amalgamating with Community and Common Wealth

Members of Servus Credit Union approved a resolution to amalgamate with Common Wealth Credit Union and Community Savings at their Annual General Meeting March 12. Servus members voted 92% in favour of amalgamation.

A two-thirds majority was required for the vote to be carried. There were 717 votes cast by a ballot process. Peter Galloway, Board Chair, remarked, "As a credit union advocate for 20 years following in the footsteps of my father and grandfather, I see this as a step towards making credit union history in Alberta. Our guiding principle in this proposal is to remain a credit union and enable the democratic process as we did through this vote. The support from our member-owners tonight shows their conviction for just that – a stronger, better credit union."

The three credit unions will formally amalgamate on November 1, 2008 should the other two credit unions also vote in favour of the proposal. Common Wealth Credit Union votes at their Annual Meeting in Lloydminster March 13. Community Savings members will vote on the same proposal on March 18 at a Special General Meeting in Red Deer.

"Our member-owners inclusive of employees have taken the first step towards a province-wide credit union. Servus is excited by the prospect of building a credit union that will mean more connectivity, more geographic reach and more opportunities", said President and CEO, Steve Blakely.

The proposed credit union of Common Wealth, Community and Servus would employ 1925 employees and serve 357,000 members in 63 Alberta communities through 92 locations. The combined profit sharing with their members in 2007 was $33 million with combined assets of $8.58 billion at fiscal year end of October 31, 2007.