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I have been a employee in the credit union system since 1992 and have seen many mergers (2 of the credit unions I worked for had them). I am not for mergers for the sake of merging. Taking two entities and mushing them together and seeing what comes out is really risky. This merger, however, is anything but that. I was really pleased to see this unique partnership model between credit unions that is in he spirit of the co-operative movement. It combines the benefits of pooling resources while still having the benefits of a local credit union (catering to the local market and allowing for the unique characters of each community). Was this just simply ISCU getting swallowed by a large entity with nothing left of ISCU, then I would oppose it. I have always preferred to work for small local cu's. This model is the exception for me as I will continue to work for ISCU if the merger happens. I will vote yes.
Mr. Hughes, it was my belief that this poll was open to all and that opinions that differ from yours were also welcome. I feel my opinions and my co-workers, though not aligned with yours, are of equal value and should be allotted the same respect and consideration as the other who post on this blog.
I am a long time employee of Island Savings, having worked in one of the unionized branches and the administration office in Duncan over the years. I fully trust our executive team in all the decisions they have made regarding this merger.
It's a good thing for our members, our staff, our communities, and our future.
Alice
If all this talk of freedom of expression is true, why was it that when speaking with several employees about the merger and pointing out issues within the Asset Transfer Agreement pertaining to employment, I was asked NOT to mention their names.
Please, I implore the employees reading this to review Schedule E in full.
Sam, I just want you to know that the Endowment that will be injected into the community was on the table all along, it was gong to be announced the day of the partnership. As there has been some controversy surrounding the vote, they have announced this endowment early. A similar endowment was provided to the previous credit unions that have partnered with First West.
This merger stands against everything that the idea of a local credit union for the LOCAL community stands for. It erodes our local representation and takes away from our community which we as members have made successful by supporting. It disgusts me that at the eleventh hour ISCU is trying buy our votes with a mere 2 million dollar injection to the community, a drop in the bucket for what we stand to lose. We need to think community. Its a slippery slope as the corporations of the world trap us and take our choices away.
I am tending to agree that Patrick does not work for Island Savings. I have been with the company nearly 5 years and have worked at 4 branches....Patrick's version of where he works is NOT the place where I work. I am proud of the company that I work for.
Oh Patrick...... I also work for Island Savings and your indication that you would be working in a hostile environment as a result of your opinion goes against everything we believe in. I have worked at 3 branches of Island Savings and I have never imagined that a company could so supportive and really care about their team and their members. Employee engagement is a top priority at Island Savings so your suggestion that " a culture that has been created by the credit union is hostile towards employees" makes me wonder if you truly work here. I am so proud of my team and the staff around me for their well rounded conversations regarding the merger. The research that they do with members and facts that we can present as the result of an amazing job our executive has done in informing us. We have seen the business plan and I do not see anywhere that better rates are actively being promoted. But job security is. You are aware that all of the options related to not partnering with first west negatively impact job security.
When a coworker comes up to me and states blatantly that "rates" will be better post merger and I show them and prove to them that this is not the case and their response is "oh well I just thought because that is one of the big features of this merger that we would offer better interest rates as part of First West". This is what I mean when I state that staff are misinformed because they state something to me that isn't true and proclaim it as truth. Much of the information we receive is through common meetings from managers and this is where the education in regards to the merger comes from.
Patrick... I have never read a most assumed statement in my life " Many of the staff are misinformed and need to do more research. "... how do you the level of education they have received?!
Hey Rob
So I'm assuming you have compared ISCU's interest rates with First West's interest rates? If you have you would have discovered that ISCU's rates are currently actually better than First West's rates. And through my research First West's rates are consistent across all of their divisions. This means that if the merger would go through today our interest rate on loans for members would increase and our interest rates on deposits would decrease ( Approx. 75% of ISCU's rates beat First West's rate on lending and deposits). I'm not sure where you did this research but it may have been misplaced. Much of the information circulating within the branches between employees is simply through word of mouth and through hype and is not fact. I too thought that rates would be better but once I looked into it further I found out this was not necessarily truth. Again if you compare their fees to ours they are on average higher (Example balance of account. Another example is their fee for change of signer on account which we do not charge for). I hate to inform you Rob that you may want to look further into the information you have put forth. Scotiabank closing branches is a decision that they have made as a business and has no relevance to our discussion but was likely made to increase profits at the cost of decreased service to its customers, however I cannot validate this.
I find speaking with employees of First West to provide little insight into our situation as they merged for different reasons and tend to have biased information similar to the information that we as ISCU staff are given. This is what I'm talking about when I say that many staff need to do further research into this issue as many simple take the idea of what they have been told and run with it so thank you for proving my point Rob.
Michelle, I do in fact work for ISCU however, I have chosen to use a different name as I feel that using my real name may create an uncomfortable situation at my office as the culture that has been created by the credit union is hostile towards employees that want to bring up and discuss the merger in an open manner. I would be more than happy to send you an email to validate my identity
Thanks
Patrick
Patrick, where did you get your information? Higher interest rates? More fees? My wife and I both work for Island Savings and have spent countless hours researching this partnership, nowhere did we see or hear about an increase in interest rates and fees. Increase expenses for members? Could you provide us with the source? Patrick I would challenge you to do more research, including speaking with employees from Envision Credit Union, Valley First Credit Union or Enderbe Credit Union. What better insight is there than speaking with individuals who have been through the transition. You had also mentioned about decreasing of employee salaries, which again is false. I appreciate the opinions of all of our members, we all have a say however when you start spreading false information it jeopardizes the well being of not only my family but other employees and their families. Also, have a look at todays Globe and Mail. Scotia Bank are closing 120 branches and laying off 1500 employees. This is reality! This partnership is a positive step in the well being of Island Savings and it's membership / employees.
We have no employee by the name of Patrick employed anywhere with Island Savings. The writer has not written the truth. In fact has, first and foremost, lied about being an employee to try to gain credibility. Shame on you Patrick!
Members of Island Savings should vote no on this resolution. The information provided by ISCU and the executive is usually worded in a way that puts a more positive spin on the situation and isnt a full portrayal of the truth. Many of the staff are misinformed and need to do more research. The trade off here is hat members will get a free chewing account, but will pay more in interest rates and fees but these are not discussed and are glossed over. Many of the staff believe or infer things that aren't true, such as the fact that no branches will be closed or that members will have access to a greater breadth of products and services. There has been an extremely strong internal campaign within the credit union to get a yes vote without all of the information needed for an informed vote and the information that is available that isn't propaganda from the credit union points to a less rosy outcome than ISCU is painting. This deal boils down to increased profits for the credit union, lower employee salaries, increased expenses for members and a more bank like mentality.
Sincerly
A concerned credit union member and employee
Don, you are also part of a CO-OP .
Viridian Energy Co-Operative
This is word for word from your web page ; http://www.viridianenergy.ca/about/
why a co-operative?
This business structure allows the specialists in our team to work together in a cost effective way while focusing on their individual disciplines. We are a collective of passionate and self-motivated individuals with a strong vision towards the future of energy in our communities. We are:
Renewable Energy Technicians
Plumbers
Electricians
How can you be so against a partnership when you are part of a very similar CO-OP yourself.
As a employee and credit union member, I am strongly supporting this merge. I have read the blogs/articles on the opposition of this and there has yet to a be a point that serves any purpose to say "No" to this vote. Island Savings will remain local, the employees will keep their jobs, and we will continue to be able to provide the exceptional service that has brought us to be able to have this opportunity. There is a lot of information that people have access to that show how this is beneficial to both employees and members of the credit union, just as my co-workers have stated, please see a Island Savings Employee to discuss any questions or concerns. I will be voting "Yes" and encourage everyone to do so as well.
I am also wondering how Mr. Skerik will benefit from a "No Vote", and how he reached this level on involvement in something that he seems to be grossly uneducated about. As a long term ISCU employee, and an Administration employee, I couldn't be more proud of the steps that the Executive Team has taken to provide for my future both as a member and an employee. I voted yes the day that I received my voting package, and I encourage all ISCU members to educate themselves as much as possible before making an informed decision.
Don's comments are getting old and tiresome. He attended many of the Town Hall Meetings where he had lots of opportunity to get his concerns/questions answered. He continues to bring up the same concerns that have been answered plenty of times. Please don't believe any of his negative comments and become a follower. If you have your own questions, any of the staff at Island Savings would love to answer for you. The voting information package covers all of the most common concerns. As a 24 year Island Savings Employee, I have voted YES and am proud of where I work and all the Executive team that have been working on this partnership for a long time. We will still have our local Head Office, branches and staff going forward with a yes vote. All the staff live in the communities that we work in and will continue to represent, support and volunteer being a Division of First West :)
Careful Don, you are idealizing VanCity a little too much here. Yes, they are a great credit union, but they have their own issues which are often not apparent from an outsider's perspective. VanCity is a very big CU & operates in a completely different market than Island Savings: really, you are comparing apples & oranges here. You seem like a passionate guy with some free time on your hands, so might I suggest that you target your energy toward lobbying the Harper government to stop treating credit unions like banks. The changes at the government level (taxes, regulation, etc.) are one of the major factors that is driving credit unions to mergers like the one Island Savings is supporting. Target your anger & energy toward the right people!
30 years ago a house on the waterfront in Mill Bay was $80,000. Today that house is over $800,000. If 5 or more people come for $500,000 mortgages you can see how quickly a stand alone credit union would get caped out for lending. We have people move here and the population has expanded along with asset inflation in real estate. To be relevant in the community you need a larger capital base. Business members face the same dilemma, out growing their credit union and moving their business to the chartered banks. Mr Skerik does not address the fundamentals of the local economy nor does he put forth a credible business plan for the future. His plan is just to take over the board and be progressive. Let's see how long the regulators will put up with that plan. They will force us to merge with Van City or Coast Capital within 3 years. Thanks Don.
I find the points made in this site contradict themselves on a regular basis. One article reads "They are trying to buy votes with our own money. Quick! Somebody call the cops!" Then later in the comments here "Imagine what it could be like if ISCU operated similar to VanCity. VanCity snuck in the back door by supporting the Cowichan Green Community."
Is van city not spending their members money in other areas? That is better than island savings enhancing the support to thier own communities?
I am a long time member of Island Savings and support the vote to merge with First West. Why....because I have asked many employees how they truly feel about it and I have read about how First West operates...it is more like a partnership. It is very obvious to me Mr. Skerik that you haven't bothered to talk to anyone at Island Savings. Your dark ages thinking against progress would still have people riding on horse and buggies! Why haven't you started your own credit union Mr. Skerik? You obviously "think" you know how to run one....into the ground that is.
Good on Island Savings to look to the future to make sure my credit union will remain strong!
Seriously Don? Your logic doesn't make sense in today's economy. Perhaps when we were all buying mortgage rates 11% a small credit union could make a profit margin to support itself and grow, but in today's environment I see the advantage of joining forces with like minded organizations and protecting ourselves. This wouldn't be the first merger I've been through as a credit union member either - many years ago I was a member of Westcoast Savings, and now am a part of Island Savings and will support the merger. Change is inevitable, and the leaders of Island Savings are giving the members the straight goods.. I will say that if Island Savings planned a merger with Van City, they would lose a 35 plus year member. Who wants to be part of that big city credit union? I would rather be associated with Enderby, and Valley first than Van City!
We need to keep ISCU locally controlled by stopping this merger. Then we have to take control of the Board and turn this into a real progressive Credit Union that believes in the community and the co-operative principles.
The majority of present Board members are not co-operators or truly interested in the Credit Union ideal. If they were we wouldn't be having this vote.
This could be a major turning point for our Credit Union. It either becomes a true progressive community minded operation or it joins the ranks of the bigger is better corporate world.
Imagine what it could be like if ISCU operated similar to VanCity. VanCity snuck in the back door by supporting the Cowichan Green Community.
That's what I want to see ISCU become. We can't compete with the banks so why try this getting bigger is better. When do you stop merging as the banks will continue to squeeze. We will eventually end up like Quebec where there is one large credit union and there is no local control or decision making.
This is a chance to make a difference so vote NO.
I would really like to know how this blogger stands to benefit from a no vote? And has he really read all the material provided with respect to this merger? Because I can't believe with all the negative comments that he has really read and researched it. This is peoples livelihood this blogger is messing with and his thoughts and accusations could not be further from the truth. Just as Envision Financial and Valley First have remained their own credit union, making their own decisions, keeping their head offices, and staff in tact, we will also remain Island Savings, keeping our head office in Duncan, ensuring that when our members come into the office they will continue to see the same friendly faces. As a member and employee of Island Savings I am so excited about this merger as are all our employees! It will bring nothing but good for the staff, the credit union and most of all for our members.
I wonder if this blogger is even a member? Also, if your voters that are against the partnership aren't members and are basing their vote on this blog.. How is there any kind of validity to this poll?
The whole point of the Island Savings partnership with First West is to take advantage of opportunity. All credit unions are facing increased costs by regulating bodies. Island Savings is strong right now, but needs to take advantage of this great opportunity so that they can stay locally-focused. With this partnership, Island Savings' head office will still remain in Duncan and decisions regarding Island Savings will still be made regionally (South Island, Cowichan Valley, etc.). With the partnership all 16 locations will remain open and no jobs will be lost, unlike other traditional mergers in the past.
Also First West was formed in 2010 by Envision Financial and Valley First - But these credit unions go back decades. In 2016, Envision Financial will be celebrating it's 70th anniversary as a BC credit union.
As with any important vote, I encourage everyone to get the facts straight and do some research before making an informed decision!
As an Island Savings Employee and member who is directly affected by the partnership, I can say that I will be voting YES, as I have done my research and FULLY INFORMED myself of the facts , something this blogger has clearly not done. Jumping to ignorant conclusions and statements only makes him look uneducated. It's unfortunate, since anyone who takes a look at the benefits and facts this partnership will offer, will agree. I wonder if this blogger took the time to attend a meeting that was held to clear us such misconceptions and uneducated assumptions. I would say no. As for a takeover? Again, do your research. Island Savings employees will remain unaffected, no job loss or layoffs, and we are extremely excited about the opportunity to further support our LOCAL community as we are all so passionate about. As for "taking a look at this guy" ....this is our CEO, someone we admire and support who has been open, transparent, honest and supportive to his employees since day one. He is an inspiring leader who continues to move Island Savings in a direction that will ensure sustainability and success for many years , for it's employees and members, a clear example of this is our partnership with First West. If we are going to take a snapshot of someone and be so judgemental when you clearly know nothing of this individual or the generous and admirable qualities he offers and portrays, I feel sorry for your column readers who value your opinion. Do your research please! Talk to Island Savings employees and staff! Ask us why we will be voting yes, as we are the ones who will be directly impacted by the partnership as well. We did our research, I urge you to do the same and vote with confidence know that you have been informed with the facts, not the slander of rumor that exists in this blog. We appreciate your support. Thank you
ALL administrative jobs would remain and the First West model is nothing like a "Big Bank" The First West Model is "Local" I would recommend each member do their own research, talk to an Island Savings employee and see how they feel about this partnership. They are members too, and at the end of the day we're talking about their livelihood. Call an employee of an Envision, Valley First Credit Union or Enderbe Credit Union and hear what their employee's have to say. I can tell you from my conversations with some employees they've never been happier, and their membership haven't been happier. This is a great opportunity for Island Savings and it's members/employees. IF we do not vote yes, their could be branch closures and job losses in the distant future not to mention Island Savings as an organization. Please know the facts before voting, These "bloggers" who haven't done their research could be why Island Savings doesn't exist in the near future.
This will only benefit a few big wheels at the top who get big payouts.
The rest of us lose: We lose island autonomy, all ISCU profits, most ISCU board representation, control of ISCU policy, and a bunch of administrative jobs. The upshot is that this make ISCU even less of a credit Union and more of a Bank. Even less Island based and more mainland based. First west is 4 year old and expanding rapidly, meaning ISCU would eventually become part of something big like TD bank.