̉he Boards of Ukrainian Credit Union Limited and So-Use Credit Union Limited are pleased to announce to their members and the community that they have signed a Letter of Intent to amalgamate their operations into a single full-service financial institution to serve the Ukrainian Community across Ontario.
The decision to pursue amalgamation reflects the common vision of the two credit unions that Ukrainians in Ontario want a new and vibrant approach to full financial services.
With rapid innovation and increasing competition in the financial services sector, the goal of
So-Use and UCU is to leverage their combined talent pool and grow to serve evolving member needs in critical areas of personal service, electronic services and wealth management.
The amalgamation agreement will provide for balanced representation on the united credit union’s board of directors, and a bond of association that reflects the community roots of both entities.
UCU and So-Use are entering the amalgamation from a position of strength – both having a strong capital base, positive growth, solid earnings, and loyal members.
Upon completion of the proposed amalgamation, the united credit union would have assets in excess of $300 million, with full service branches in Toronto, Mississauga, Oshawa, Windsor, London, Sudbury and Thunder Bay, as well as Internet, Call Centre, and Interac, serving some 25,000 members province-wide. This would make the amalgamated entity the largest Ukrainian credit union in Canada.
The amalgamation is subject to approval by regulators, and by the members of each credit union at their next annual general meetings in the Spring of 2002. If approved, it is anticipated that the amalgamation would take effect in mid-2002.
The Boards of So-Use and UCU are committed to providing their members with a high level of service throughout the amalgamation process, and to keep members informed about the progress being made in that regard.