Vision Credit Union purchases Wetaskiwin branch of Encompass Credit Union

Encompass signs offer to purchase May 3

The Board of Directors of Encompass Credit Union and Vision Credit Union confirmed today that they have finalized the sale of the Wetaskiwin Encompass branch to Vision Credit Union.

Kelly Longley, President and CEO of Encompass signed the offer to purchase on May 3. The signing of this contract follows a month of due diligence and public consultation to ensure the sale will benefit all stakeholders.

Over the coming months, Vision and Encompass will work together to transition Wetaskiwin Encompass members to Vision Credit Union. Vision will continue to reach out to members with information about the sale and to help educate them on the many benefits of membership with Vision Credit Union.

“The due diligence phase completed by both credit unions has proved that the sale of Wetaskiwin to Vision is in the best interest of the members and staff in that area. I would like to thank the board members and staff from both credit unions who have worked hard to get us to confidently make this decision,” said Doug Callaghan, Encompass Board Chair.

“Encompass and Vision worked together to make sure quality service will continue in the Wetaskiwin area. The Board and Executive of both organizations have found an innovative way to co-operate amongst cooperatives, keeping the cooperative principles at the forefront of this transaction,” said Kelly Longley, President and CEO of Encompass Credit Union.

Once the sale is completed, Encompass Credit Union will focus support on its 9,000 members and seven locations in East Central Alberta. Encompass’ head office is located in Wainwright, with 70 staff and approximately $500 million in assets.

“We’re delighted that the purchase of the Wetaskiwin branch has been finalized. We believe that this acquisition will benefit members of both credit unions,” said Alan Fielding, Vision Credit Union President.

Following the closure of this sale, Vision Credit Union will serve over 26,000 members at 17 branch locations, with more than 175 staff members and approximately $1.16 billion in assets. Vision Credit Union is the third largest credit union in Alberta.

“Given the proximity, Wetaskiwin is a natural fit for Vision. We’re looking forward to serving our neighbours there and to adding to the strength and vitality of Alberta’s credit union system,” said Steve Friend, CEO of Vision Credit Union.

Members who have any questions or concerns are encouraged to call 1-833-VCU-TALK (1-833-828-8255) to speak with Vision Credit Union CEO Steve Friend, or visit our information site at www.whatsyourshare.ca/wetaskiwin

Submitted by Vision Credit Union

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