Credit Union merger passes first test

Eric McCarthy
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Evangeline Credit Union

A motion to merge Evangeline and Central credit unions passed its first hurdle Tuesday night.

Members of Evangeline Credit Union voted 137 to 61 for the merger, or 68.6 in favour. The motion needed 66.6 per cent to pass.

Members of Central Credit Union in O'Leary must give it two-thirds majority at tonight's annual meeting for it to go forward.

The boards of the two credit unions are proposing it takes effect April 1, 2012.

Prior to the vote, member Leonce Bernard presented a resolution seeking a delay in voting so that further answers could be obtained.

After considerable discussion, Bernard's resolution was defeated 121 to 67.

More discussion was held on the original resolution.

There were concerns raised about the potential loss of the French language, despite assurances the new bylaws would protect French language at the Evangeline branch, and a bylaw stating the general manager's position must be bilingual.

There were also concerns that Evangeline's position would be weakened with the addition of Central Credit Union.

Evangeline manager Alfred Arsenault, under a special agreement, also served as manager in O'Leary for the past 14.months. He said there are benefits to be had from combining the assets of the two institutions.

Members from the Tyne Valley area noted Evangeline Credit Union has benefitted from the opening of the Tyne Valley branch, and suggested including Central in one credit union is a good business move.


Organizations: Evangeline Credit Union, Central Credit Union

Geographic location: O'Leary, Tyne Valley

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