Friday, July 26, 2019 • Vol.123 No. 52 • Neepawa, Manitoba
TIME FOR A MOVE? Let me help you make the right one Troy Mutch 204.212.1010
neepawa
Banner & Press Locally owned and operated
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Water Safety Page 19
Area credit unions propose merger Vote on Beautiful Plains and Stride merger to take place next month
By Kate Jackman-Atkinson & Ken Waddell Neepawa Banner & Press Next month, members of the Beautiful Plains and Stride credit unions are being asked to cast a ballot on a proposed merger between the two organizations. The combined credit union, which would operate under the Stride name, would have nine branches in eight communities, 130 employees, $725-million in assets and 19,200 members. If approved by members of both organizations, the amalgamation would come into effect on Jan. 1, 2020. Beautiful Plains Credit Union (BPCU) general manager, Gord Sylvester, explained that the merger is being put forward to better position both credit unions for the future. Stride was created two years ago by the amalgamation of Portage and Austin Credit Unions and Brent Budz, CEO of Stride, added, “When you look at all the changes in the financial land and in credit union land, it’s important that two like-minded credit unions come together to reduce future costs of technology. Members are at the forefront of all our decisions and they will see the benefits quite quickly.” For the future Sylvester said that rising costs associated with technology, cyber security and regulatory compliance make such a move necessary in order to continue providing BPCU’s 3,500 members with a high level of service. Sylvester said that while it’s possible to get help from third parties, the systems still require local oversight, including at the board level, which is a challenge. “It’s about saving costs in the future,” said Sylvester, adding, “Compliance is not going away.” Expectations and the industry as a whole are also changing. “There are new entrants into the financial services all the time, with phone and computer applications. Also, the federal government is doing a complete
31st Anniversary
PHOTO BY EOIN DEVEREUX
If passed, the merger between Beautiful Plains Credit Union and Stride Credit Union would see BPCU’s Neepawa (pictured) and Glenella branches join Stride’s seven branches, which include those in Plumas and Gladstone.
review of banking and it could completely change how we access banking at our fingertips,” said Budz. “We could hold on for a few more years,” said Sylvester, adding that costs of technology and compliance, for both customers and the organization, is expensive. “To offer [new technology for customers] on our own is expensive, it’s expensive to pass the cost on to 3,500 members,” he explained. The merged credit union would have around
20,000 members. Under a combined credit union, BPCU customers would be able to access new services. Sylvester and BPCU board chair, Ron Jesson, said these would include improved electronic banking options, such as the ability to deposit cheques through an app and access to Stride’s much larger wealth management team. Continued on Page 14
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