Members Vote On Sydney Credit Union Merger
Members of the Sydney Credit Union will vote tonight on a plan to amalgamate with two other credit unions that’s being opposed by the Catholic Deanery of Sydney.
Father Greg MacLeod says clergy members are concerned that a bigger, merged credit union will mean a weakened tie to the local community and make the organization more like a conventional bank.
However, Sydney Credit Union CEO Bob Coffin says the merger with credit unions in Antigonish and Halifax will allow them to keep up with technology and provide members with more services.
He adds the three credit unions will keep their local identities and there will be no job losses.
A two-third majority vote by the membership is needed for the amalgamation to get approval.
The vote will take place at the Membertou Trade and Convention Centre at 6:30 this evening and involves 14,000 members at the Sydney, Sydney River and Whitney Pier branches.
The proposed name for the amalgamated credit union is East Coast Credit Union Ltd.
The boards of directors of the three credit unions want the new credit union to be operational on January 1st.