Hudson Bay Credit Union Announces Merge with Affinity Credit Union Effective January 1st, 2015

The two credit unions have undergone a careful process of consideration and dialogue and a thorough due diligence process to ensure that the proposed merger was in the best interests of their members, their communities and their employees. “We are a good match in all respects,” said Scott Flavel, President, Affinity Board of Directors. “We are both member focused credit unions with a strong commitment to community.”

There was an information meeting held on November 4th, 2013 which was aimed at providing our membership with information about the advantages of merging with Affinity before heading into the membership vote. The membership vote then took place on November 20th, 2013 which represented 93% of the membership in favor of the merge. Financially, a merger is believed to make sense because it simply provides a stronger financial position.

Paskell, Board President, stated “The world is constantly changing and at a very rapid pace. People’s habits of local support have changed. People want service 24/7 and are not prepared to wait.  The Hudson Bay Credit Union is competing with every other financial institution out there. Change is constant in every industry, not only the financial services industry.  As a Board that has had time to review the changing landscape, we feel that a merger will allow Hudson Bay members the best opportunity to meet these changes long into the future.”


PatronageRefund

The Hudson Bay Credit Union paid a Patronage Refund back to our members’ of 7.95% on interest paid on loans, 7.95% on interest earned on deposits, and 7.95% on chequing account service charges. The total amount we gave back to our members this year is $202,000.00. The refund was paid out on Friday, February 14th, by direct deposit to member’s accounts. Letters which included detailed information about their refund were handed out to the membership the week of February 10th.

 

The Hudson Bay Credit Union stressed that this allocation was possible due to the continued dedication and loyalty to our Credit Union, ensuring its financial viability, and securing our position as “The Financial Institution of Choice” for you, now and in the future.

 


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