The board of directors of Spectra Credit Union has passed a motion to proceed with a recommendation to the membership for a merger with Affinity Credit Union.
Spectra's board has been considering this course of action for the past two years, and has been specifically considering options since January.
"While Spectra is financially strong, the board of
directors recognizes the market pressures to stay competitive in an increasingly sophisticated and regulated industry," said board president Wayne Amos. "A merger with Affinity Credit Union will provide our members with continued competitiveness, excellent
local service and community support, and a strong governance structure."
"Both Affinity and Spectra Credit Unions have strong credit union values and a sincere commitment to the communities we serve," said Affinity Credit Union board president Scott Flavel. "The credit unions also have unique community experiences and strengths and together we would be even stronger."
"The goal of this direction is to position our members to take advantage of continued success and growth in southeastern Saskatchewan by tapping in to the capital, expertise, technology
and capacity of a provincially based credit union such as Affinity Credit Union," said Spectra Credit Union CEO Tim Schroh.
"Each credit union is a strong, independent organization, and we believe that coming together in a partnership ensures our members continue to have access to the best products and services in the major cities as well as in the rural communities," said Affinity CEO George Keter. "We're approaching this proposed partnership as the right thing to do for all stakeholders: members, communities, and our employees."
Affinity Credit Union, with assets of $2.8 billion is based out of Saskatoon and has 44 branches throughout the
province, including both Regina and Saskatoon.
Spectra Credit Union operates 10 branches throughout Southeast
Saskatchewan, with assets of $708 million.
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