Growing Together

MEMBERS APPROVE MERGER

Release Date: June 30, 2021

MEMBERS APPROVE MERGER BETWEEN PRAIRIE CENTRE

AND LEROY CREDIT UNION  

On behalf of Greg Hannay, Board President, Prairie Centre Credit Union, and Kami Holowachuk, Board President, LeRoy Credit Union, we are pleased to announce members of both credit unions voted in favour of the proposed merger, effective January 1, 2022.  Prairie Centre members voted 95.5% in favour and LeRoy members voted 95.3% in support of the merger.

“We’re grateful to members who participated by exercising their vote in this important decision,” said Hannay. “Together we’ll build upon our shared vision of creating a full-service banking experience for the people of rural Saskatchewan through a proven and profitable model.”

In response to the favourable vote, Holowachuk stated, “We believe there’s good opportunities in rural Saskatchewan and want to continue to build and strengthen relationships through a local presence.  Both credit unions share this unwavering commitment and that’s why we felt Prairie Centre can deliver upon the values that are important to us.  We look forward to merging our operations and our vision with Prairie Centre”.

For more information, please contact:

Al Meyer, CEO, Prairie Centre Credit Union
al.meyer@pccu.ca
(306) 882-5566

Don Hawes, Interim General Manager, LeRoy Credit Union
don.hawes@leroy.cu.ca
(306) 286-5200


PREVIOUS COMMUNICATIONS

June 21-28, 2021 - Voting Information Expand/Collapse

The voting period for the proposed Amalgamation Agreement is

June 21st at 9:00 p.m. - June 28th at 9:00 p.m.

Voting will be conducted electronically. Eligible members are able to vote from any device connected to the internet. A connected device is available in branch to enable those members who wish to vote in person the opportunity to do so. Staff are available to assist members as needed.

Click read below for more information about the voting process. Please contact us for assistance.

How do I vote?

The merger vote will be conducted electronically. Eligible members are able to vote during the voting period from any device connected to the internet. A connected device is available at LeRoy Credit Union to enable those members who wish to vote in branch the opportunity to do so. Staff are available to assist members if necessary.

How does electronic voting work?

Beginning on Monday, June 21st at 9:00 p.m., a link will be posted to our credit union website that will direct you to the electronic voting site.

In order to vote, eligible members will be asked to validate themselves using two sources of information as follows:

- Last name
- The last 5 digits of their social insurance number

Once the member has been validated, they will be able to vote.

Once their vote is cast, they are asked to confirm their vote and then submit.

What is the eligibility to vote?

In order to vote, you must meet the following criteria:


- You must hold a valid membership share with LeRoy Credit Union
- You must be sixteen (16) years of age or older.

Can I vote in branch?

Yes, you can visit our branch during regular business hours to vote during the voting period.

How does my business vote?

In accordance with Section 86(2) of the Credit Union Act, 1998, businesses, corporations, and/or organizations are able to authorize and appoint a delegate for the purpose of voting in the 2021 Membership Vote on the amalgamation of LeRoy and Prairie Centre Credit Unions.

A form to appoint the representative must be completed and the appointed individual will then have access to voting within 1 business day. Please contact us if you require a copy of the form.

The deadline to submit a completed Affidavit of Voting Rights form is Wednesday, June 23rd at 4:00 p.m.

When will the results be announced?

The results of the vote will be announced on Wednesday, June 30th, 2021.

June 21, 2021 - LeRoy Credit Union holds Special Membership Meeting Expand/Collapse

SPECIAL MEMBERSHIP MEETING

June 21st, 2021 7:00 p.m.
LeRoy Community Centre and virtually via Zoom

LeRoy Credit Union held a special membership meeting to present the finalized Amalgamation Agreement to the membership for formal approval.


Copies of the meeting materials are also available in branch upon request.

April 28, 2021 - LeRoy Credit Union holds Amalgamation Information Session Expand/Collapse

LeRoy Credit Union held their Amalgamation Information Session in conjunction with their Annual General Meeting on April 28, 2021 with attendees joining both virtually and in-person.

Don Hawes, Interim General Manager of LeRoy Credit Union, opened the presentation by outlining the process the Board of Directors followed to recommend Prairie Centre Credit Union to the membership as a potential merger partner.

A presentation was then given by Al Meyer, CEO, and Greg Hannay, Board Chair, both from Prairie Centre Credit Union.

Their presentation was focused around their passion and commitment to rural Saskatchewan with strong roots in agriculture.

Highlights included:

  • Dedication to investing in and supporting their rural communities, with branch allocations being distributed as each branch decides
  • If the merger were to go forward, LeRoy would be the 2nd largest of 16 PCCU branches (based on asset size)
  • Traditional patronage would be replaced by the 'Member Rewards' program which provides interest rate bonuses or rebates based on the number of products and services being utilized
  • Focus on providing service to members the way they prefer, available both in-person and with the latest digital technology
  • Larger aggregate lending limits
  • A variety of branch operational staff would still be required in LeRoy under a regional model for service delivery

The next steps in the amalgamation process are to finalize a 'Merger Agreement' and present it to the membership for formal approval. The upcoming vote is anticipated to be complete by June 30, 2021. If approved, the target date of legal merger is January 1, 2022.


More information will be provided to the membership in the coming weeks. Please contact us if you’d like to learn more, or if you have any questions or concerns.

Click here to view the Amalgamation Information Session slideshow.

March 12, 2021 - LeRoy Credit Union selects Prairie Centre Credit Union as potential merger partner Expand/Collapse

The Board of Directors of LeRoy Credit Union have been working diligently to find a potential merger partner that will continue to provide excellent service to you – our members. The Board has explored various credit unions to partner with and based on our assessment, we have selected Prairie Centre Credit Union as our future partner. Prairie Centre’s commitment to rural Saskatchewan communities, members and staff makes the partnership attractive to LeRoy Credit Union.

The next step in the process is to have Prairie Centre Credit Union complete the due diligence and business plan development. Once completed, the process will move to both credit unions to hold membership information meetings, membership votes, and regulatory approval, which is expected to be completed by June 30th. If approved by both memberships, the effective merger would take place January 1st, 2022.

For more information inquiries please contact:

Don Hawes
Interim General Manager
LeRoy Credit Union
Don.Hawes@leroy.cu.sk.ca

or

Al Meyer 
CEO 
Prairie Centre Credit Union 
Al.Meyer@pccu.ca

February 17, 2021 - LeRoy Credit Union Board of Directors seeking out credit union merger partner Expand/Collapse

LeRoy Credit Union Board of Directors has announced that we are seeking out a credit union merger partner! Combining resources with another like-minded credit union will help us to provide many more years of innovative and evolving financial products and services.

An Amalgamation Committee has been formed and is working diligently to find the best fit with a credit union that will continue to provide excellent service to you - our members.

What are the potential benefits of a partnership?  

  • Ability to offer a wider range of products and services
  • Member branch access at more locations
  • Increased lending limits to larger borrowers
  • More competitive interest rates
  • Easing the impact of increasing operational and technology costs

What are our top priorities in a partner?

  • Community presence and support
  • Exceptional member service levels
  • Staff retention and development
  • Local board representation

Once we have completed our due diligence, the Board of Directors will recommend the credit union chosen as the best solution for LeRoy Credit Union members and seek membership approval. More information will be provided at our Annual General Meeting (date to be determined).

If you have any questions or concerns, please feel free to contact us. Our staff and board are more than happy to help!

Deposits held in Saskatchewan credit unions are fully guaranteed. There is no limit to the size of deposit covered by the guarantee – whether $1 or $1,000,000 or more, all deposits are fully guaranteed

 

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