Integris Looking at Possible Merger
Prince George, B.C.- Integris Credit Union of Prince George and Lake View Credit Union, based in Dawson Creek are examining the possibility of a merger.
The Boards for both Credit Unions have signed d a Memorandum of Understanding to formalize their talks.
The Boards say they are pursuing a merger “in the interest of providing a stronger financial cooperative, enhanced member benefits and increased community resilience here in the North”.
“If successful, this merger will solidify our strength as leaders in the North,” says David Bird, President & CEO of Integris. “Mergers such as this provide increased product & service offerings for our members and enhance our ability to enrich communities and the region as a whole. Mergers can be challenging but we are open and excited for this opportunity, and what it will mean for staff and our membership.”
Dave Barry, the Chair of the Board of Directors at Integris says members, staff and the communities are the key priorities in the talks “We are just beginning a process to examine this proposal closely to prove it will bring greater benefits to our areas of priorities, like we believe it will.”
Comments
I had an account at a credit union for a few years I pulled all my money out and closed the account when they told me my full time job well paying was not grounds enough to apply for a loan went to one of the big 5 and after opening an account got the loan very same day.
Haven’t looked at or trusted a credit union since
Another example of what happens when any organisation’s profits, taken not as a dollar amount but as a percentage of their sales, begins to fall. They seek to solve the problem by expanding its boundaries. I don’t believe that will ever work.
It certainly didn’t where we are, where the local community credit union went on a hunt for merger partners, and found them. First a credit union in an adjoining community, then further and further afield. The same reasons given above in the article were used, and it all sounded so wonderful. But the end result has been the member dividend, which used to be pretty good, is now virtually nothing. And that in spite of a plethora of fees now levied on services that used to be free. When anyone there is reminded of that the tune is now changed. To “…we had to merge, it was a matter of survival”. Such is the case with a lot of corporate concentration. But ‘delaying’ a problem isn’t solving it, anymore than making it ever larger is. Why don’t they look for a real solution instead? Afraid of examining the guts of that most sacred of sacred cows, money itself?
Yes.
They should use tangible goods.
Bring in a car, fridge, Bateman print, diamond ring, etc.
Return to the barter system. :-)
They seem to be driving people away. I went in to open a RRSP and they wanted to do a credit check and I said no to them for I wasn’t borrowing money or anything.. I thought it strange for them to be doing this. Maybe they overspent on all the renos and hoping they can recoup some of it by merging
A study of the history of the BC forest industry, which, fortunately, has been very well documented, will reveal the same phenomenon. In the early 1950’s, two then coastal lumber giants, H R MacMillan Export and Bloedel, Stewart and Welch merged to become MacMillan & Bloedel Ltd. At the time MacMillan’s had a 20 year supply of timber off their own lands available at the rate they were then cutting it. While BS&W had a 40 year supply. These were privately owned lands, TFL’s hadn’t really got going at that point. Both companies were profitable, and the prevailing opinion at the time was that old H R MacMillan had snookered young Prentice Bloedel in a brilliant business deal. Looking at it in retrospect, one has to wonder if it wasn’t the other way around? For the profits of the combined entity, though larger by far in dollars than that of the separate companies, was never again as large as a percentage of sales. Each year, in order to book the same or a greater dollar profit, the company had to sell far MORE product than it had sold before. That’s pretty hard to do. Though the problem can be masked by getting bigger again. And that’s what M&B did. They took over Powell River Paper. And then want on a further buying spree, to become a truly global entity. But the profits? As a percentage of sales, they continued their decline. Until none of what they were doing was worth doing anymore. And what had been put together was carved apart, and sold for what could be got for it.
How many times has Integris moved in the last 7 years, one huge building at Parkwood place, which they didn’t stay long at. Another on 5th and central.
If there losing revenue, that might be the cause.
That being said, I have dealt with the credit for many years, and have always found them cheaper to deal with then big banks, and they have a way of making you feel very comfortable. Never had a issue getting a loan at a cheaper rate than at big banks.
I agree they may be spending too much money on new buildings and renovations. Plus they have pretty snazzy offices for their management people. Looks to me like their problem is too much money rather than not enough.
As far as loans go I never had any problem borrowing money, however as with most banks it comes down to the Manager and staff.
We seem to be living in a day and age where even a well managed and consistently profitable company is seen as a failure if it isn’t growing. You could make 100M dollars in a quarter, but if the “market’s expectations” were for 120M, your value will drop and it could cause all sorts of negative cascading effects (layoffs, cost cutting measures, lower quality products, etc.). It’s pure insanity.
We live in a world with finite resources, finite customers, and finite markets. Infinite growth is simply not possible. IMHO, it’s time to rethink the way we value, manage and prioritize things.
I dislike “big”, give me a customer oriented mom and pop operation and I’ll give you my business even if it costs me a tad bit more. I’m tired of living in a world riddled with Walmarts, Home Depots, Lowes (although the PG incarnation of this big box store won’t last much longer!), Indigos, Canadian Brewhouses etc. etc. etc. Give me a world of Books and Co, Kask, and and an old style hardware store with the well worn wooden floors and knowledgeable staff any day of the week.
And get off my lawn.
Agreed!
I’m not sure whether Lowes or Home Depot will bite the dust. Maybe even both.
I agree as well!
No Fees of any kind at “VanCity” if you are over 65, the Royal has a free Account for over 65! Never paid any Fees since 1969.
You’re a 113 years old ?
LMAO!!!!
We live longer Outwest. :)
No ,VanTel Credit Union merged with Vancity Years ago and in any Case I joined VanTel in 1969, now you can figure out how old I may be and why would anyone care. The Point
I was making I never payed any Banking Fees with Van-Tel or VanCity, Fees only came in much later and us over 65 don’t have to pay! Now ask your Local Credit Union , what
you have to pay ?
$3.00/mnth, big deal.
I’m with CIBC and I pay nothing so long as I maintain a minimum $1500 balance. They tried to cancel the account once and move me to a fee laden account but I refused. The fees usually come in around $50 a month before they are reversed which is absolutely nutso.
No fees for me at Tangerine. You don’t need an age or a balance to qualify. Money is accessible at any ScotiaBank ATM. Also, no fee on their credit card, and you get money back monthly, into your savings account.
When I look at companies and I see mergers , I put that act in the risk column under weakness . It’s a little like buying back your own stock . That’s like eating your own seed corn and stinks of lack of direction .
You mean like Tesla’s merger with Solar City?
Spruce Credit Union is still good. (Integris went downhill a few years ago.)
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