Kelvington Credit Union Limited and Quill Lake Credit Union Limited each signed a formal amalgamation agreement on November 6, 2009. Twenty one days notice, which included a summary of the Amalgamation Agreement, was given to each respective membership for the Special Membership voting meetings.
On Monday, November 30, 2009, at a Special Membership Voting Meeting held in the Quill Lake Community Centre, 100 Quill Lake Credit Union members voted. The resolution passed with 96% voting in favor of the amalgamation.
On Tuesday, December 1, 2009 at a Special Membership Voting Meeting held in the Kelvington Legion Community Centre, 80 Kelvington Credit Union members voted.
The resolution passed with 83.75% voting in favor of the amalgamation.
The name of the new credit union is Accent Credit Union –“We put the accent on service”. The new credit union will be effective December 31, 2009. All six current Kelvington Credit Union Board members and all nine current Quill Lake Credit Union Board members will form the new Board of Directors. The number of directors will reduce by one in each of the Quill Lake and Kelvington voting districts at the 2011 and 2012 Annual Meetings reducing the Board to eleven from the current fifteen.
Accent Credit Union will have a shared or distributed management structure with a senior level of management at each of the two locations, without having a specific head office. The new credit union will have a combined staff of 35, four branches, and assets of about $125 million. Quill Lake’s assets are nearly $72 million while Kelvington’s are $49 million plus Kelvington has over $5 million in assets under administration. Quill Lake’s retained earnings and equity is $5 million, while Kelvington’s is $4.6 million. Combined reserves will be an envious $9.65 million or 8%.
According to Kelvington Credit Union President Rodger Doyle, prior to the Special Membership meetings, the business case for the new credit union was approved by the Credit Union Deposit Guarantee Corporation. The five year consolidated budget shows exceptional reserves and operating surplus due to the synergies of the new combined organization. The merger positions Accent Credit Union for increased efficiency and profitability, and lending limits will be substantially higher than the current individual limits.
The merger, while retaining a relatively high degree of local autonomy, also maintains the ability to remain in close contact with the communities it serves and provides the ability to retain local participation, support and involvement.
According to Quill Lake Credit Union’s President Margaret Odelein, Accent Credit Union will continue to provide exceptional member service, through a strong and viable credit union. The credit union will continue to provide the communities they serve with profit and patronage. With the local governance model, the strong community support, commitments and contributions will continue.