On January 16, members of Rorketon & District Credit Union voted in favour of amalgamating their financial cooperative with Catalyst Credit Union, effective April 1. The decision was made at a special meeting in Rorketon, with every member in attendance supporting the proposal.
“I think our members have made the right decision,” said board president Barry Paradis. “Joining forces with Catalyst will give everyone access to new services, more competitive rates and a wider branch network.
“Smaller credit unions like ours have been under a great deal of pressure in recent years,” he continued. “We’re very pleased that we can continue to provide our members with competitive financial services, in town, from a firm that belongs to them.”
“We’re delighted to welcome Rorketon members to the Catalyst family,” said Catalyst board chair Richard Dereniwski. “I’m confident they’ll be happy with what we have to offer — from a services perspective, and also in our deep commitment to every community we serve.”
The transition is not expected to cause any disruption in service for Rorketon members.
“We’ve done a lot of planning already,” said general manager Vern Gevers. “We anticipate a smooth transition, and of course we’ll keep everyone informed as April 1 approaches.”
With the amalgamation, Catalyst will be the thirteenth-largest of Manitoba’s 32 credit unions, with seven branches serving 17,000 members and $481 million in assets. Regulations do not require a vote by Catalyst members, as the amalgamation will increase its assets by less than ten per cent.