S.E. BC 'Elevatus Credit Union Project' Called Off. :-( | General financial discussion | Discussion forum

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S.E. BC 'Elevatus Credit Union Project' Called Off. :-(
July 8, 2021
1:30 pm
Dean
Valhalla Mountains, British Columbia
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Sad news for us forum members here who live in S.E. British Columbia :

What a shame sf-confused

    Dean

sf-cool " Live Long And Prosper " sf-cool

July 26, 2021
5:55 pm
Dean
Valhalla Mountains, British Columbia
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Well I'll be ... it looks like I'm the Only forum member here who lives in the S.E. corner of British Columbia (Kootenay Districts). sf-frown

Who'da thought ❗

    Dean

sf-cool " Live Long And Prosper " sf-cool

September 17, 2021
12:40 pm
AltaRed
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Bringing this back up given the discussion in a new proposed MB merger of 3 CUs in https://www.highinterestsavings.ca/forum/hubert-financial/merger-discussions-are-underway/ Knowing all the noted SEBC communities a bit, I believe the merger of 6 would have been the right thing to do to reach critical mass with $3?B in assets but I think it failed because a merger of 6 was too big to get arms around and there may not have been an overly dominant member in the 6 entities.

I think they will try again but maybe only 3 of them initially, get processes and policies and systems ironed out, and then bring others back in on a one by one basis using the platform of the larger entity. There is no reason for all of SEBC to have more than one CU.

September 17, 2021
2:52 pm
Dean
Valhalla Mountains, British Columbia
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Agreed , AltaRed ... trying to merge 6 CU's into one (all at once), was probably 'two or three bridges too far'.

I hope they try again, but next time hopefully they'll limit it to three or four CU's, and the rest can follow later in the future.

    Dean

sf-cool " Live Long And Prosper " sf-cool

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