Lakeland and Vision Credit Unions Discontinue Merger Discussions
On September 30, 2020, the Boards of Directors of Vision and Lakeland Credit Unions announced they have ended formal merger discussions and will continue to work together as credit union sector partners.
The two credit unions have been engaged in a due diligence process since August when the formal merger discussions were announced. This process included information gathering, sharing and development of a plan to create a strong partnership.
Some of the many benefits identified in bringing these two highly successful credit unions together were:
1. Add financial strength and grow the rural Alberta market
2. Give members across Alberta advantage of greater market and resource opportunities
3. Enable members of both credit unions to have access to additional specialized expertise and increased product offerings
4. Create highly efficient and effective operations across combined branches for the members of both credit unions
LCU and Vision boards unequivocally discussed and identified all and any benefits and obstacles with respect to putting a merger together to meet the best interests of its members/owners, staff, and respective communities throughout the process. On September 30, both credit unions' boards agreed it was best to mutually end the merger talks to allow each credit union to pursue individual operations.
Alternatively, we continue to build and strengthen our credit unions’ and the communities which we value and live in.
LCU and Vision have continued to work together in different capacities to help rural Albertans with many financial transactions. Both credit unions are committed to ensuring this less formal relationship and future collaborations will continue as the credit unions assist rural Albertans' in facing the current socioeconomic challenges.
About Lakeland Credit Union
From humble beginnings, Lakeland Credit Union has grown to be a co-operative that serves close to 11,000 members in Bonnyville, Cold Lake, and surrounding areas. LCU started with just ten people who wanted change and more value in their financial institution. Forming the St. Louis Savings and Credit Union on May 7, 1940, these forward thinkers took the first steps in building the credit union we admire today.
About Vision Credit Union
Vision Credit Union's origins date back more than 70 years to a small credit union in downtown Camrose boasting 21 members and $178 in assets. Over the years, Vision expanded to include
eleven branches across the Battle River region, with over 17,000 members and $579 million in assets. In September 2019, Vision acquired the Wetaskiwin branch of Encompass Credit Union. Today, the credit union serves almost 25,000 members at 17 branches across Alberta.
Media contact:
Wendy Morrison - Vice President, Culture & Corporate Governance
Lakeland Credit Union
Office: 780-812-3600
Steve Friend - CEO
Vision Credit Union
Office: 780-672-1175
The two credit unions have been engaged in a due diligence process since August when the formal merger discussions were announced. This process included information gathering, sharing and development of a plan to create a strong partnership.
Some of the many benefits identified in bringing these two highly successful credit unions together were:
1. Add financial strength and grow the rural Alberta market
2. Give members across Alberta advantage of greater market and resource opportunities
3. Enable members of both credit unions to have access to additional specialized expertise and increased product offerings
4. Create highly efficient and effective operations across combined branches for the members of both credit unions
LCU and Vision boards unequivocally discussed and identified all and any benefits and obstacles with respect to putting a merger together to meet the best interests of its members/owners, staff, and respective communities throughout the process. On September 30, both credit unions' boards agreed it was best to mutually end the merger talks to allow each credit union to pursue individual operations.
Alternatively, we continue to build and strengthen our credit unions’ and the communities which we value and live in.
LCU and Vision have continued to work together in different capacities to help rural Albertans with many financial transactions. Both credit unions are committed to ensuring this less formal relationship and future collaborations will continue as the credit unions assist rural Albertans' in facing the current socioeconomic challenges.
About Lakeland Credit Union
From humble beginnings, Lakeland Credit Union has grown to be a co-operative that serves close to 11,000 members in Bonnyville, Cold Lake, and surrounding areas. LCU started with just ten people who wanted change and more value in their financial institution. Forming the St. Louis Savings and Credit Union on May 7, 1940, these forward thinkers took the first steps in building the credit union we admire today.
About Vision Credit Union
Vision Credit Union's origins date back more than 70 years to a small credit union in downtown Camrose boasting 21 members and $178 in assets. Over the years, Vision expanded to include
eleven branches across the Battle River region, with over 17,000 members and $579 million in assets. In September 2019, Vision acquired the Wetaskiwin branch of Encompass Credit Union. Today, the credit union serves almost 25,000 members at 17 branches across Alberta.
Media contact:
Wendy Morrison - Vice President, Culture & Corporate Governance
Lakeland Credit Union
Office: 780-812-3600
Steve Friend - CEO
Vision Credit Union
Office: 780-672-1175
BONNYVILLE/CAMROSE, AB - Wednesday | September 30, 02:11 PM