Revelstoke Credit Union (RCU), Osoyoos Credit Union and Summerland Credit Union will officially merge Tuesday, July 1 to create Cascadia Credit Union.
Four hundred and nine members out of RCU’s 4,183 voting population cast their ballots, with 92 per cent in favour of the merger, RCU’s board chair told the Revelstoke Mountaineer, adding the vote was a resounding show of trust in the credit unions across all three communities.
“We appreciate that support because we know that our members got informed, supported us and saw that this is the right thing to do. So, we’re very pleased,” Chell said, sharing that members have been coming into the branch since the announcement and the publishing of a merger guide.
While there had been concerns, focused on community input and resources, Chell said staff were able to show time and time again that Revelstoke won’t be lost in the Cascadia merger. A year of work has gone into the planned merge and Chell understood that it would be a hard sell at the start.
“I would have been [a concerned member] myself two years ago. I’ve been on the board for 15 years, I wanted us to remain an independent credit union as my goal when I joined.”
But with growing digital security threats, international volatility and rapid community growth RCU was strapped for resources.
“This merger gives us $890 million in assets. Our bills for cyber security and other shared resources, those are cut in thirds now. We can now give so much more to Revelstoke,” Chell said.
The merger with two other smaller credit unions protects RCU’s 72 year history as a community supporter, Chell explained, preventing RCU from eventually merging with a larger national institution in an effort to survive a shifting financial landscape. The partnership with Osoyoos and Summerland was intentional to keep the communities front and centre, Chell said.
“We sat in their lobbies and talked to people. It’s the same feeling as you get here. That this is a community, this is for the members,” Chell said.
He also heard from members at the other branches the same concerns he was hearing from members in Revelstoke; would staff remain the same, would local businesses still have a chance at getting loans, would smaller community organizations still be supported by local credit unions?
“All of us at all three branches, we had the same goals for our communities. That’s why this works.”
It won’t just be money and financial assets Cascadia Credit Union brings together. While no major staff upheavals are expected, the merger will pool staff resources and knowledge to provide more security and assistance to members.
“We can have specific teams dedicated to these areas as well, so we have more resources in house,” Michelle Hardy, RCU chief executive officer told Revelstoke Mountaineer.
Along with increasing digital security for members and providing more financial resources, Chell and Hardy see the merger providing one more key asset RCU needed to survive; retention of younger members.
“They’re banking digitally, they’re expecting that from their bank,” Chell said. “As a small credit union it’s just too costly to get on all these digital platforms.”
Members shouldn’t expect to see sweeping changes across the board come July 1 when Cascadia Credit Union officially launches. New signage, logos and names will be displayed in the following days, but larger changes such as updated online banking will be rolled out in the coming years.
As a way to continue the legacy of RCU, the Revelstoke team will be donating $1 million to the Revelstoke Community Foundation as a Legacy Fund to honour the impact the credit union has had on Revelstoke over the years.
“We’re just completing the first phase of 72 years. And now let’s move on to the second phase of 72 years,” Chell said.
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