Innovation Credit Union members have voted in favour of becoming a federal credit union.
The voting process has been completed and 82 per cent of members voted “yes” to the Special Resolution, which means Innovation can begin the process of applying to become a federal credit union. A total of 17,215 members voted out of a possible 29,000 members.
“We needed 75 per cent of voting members to vote in favour of the proposal, a clear majority in order to proceed,” says CEO Daniel Johnson in a news release. “Our board can now confidently move forward with the application. We’re thrilled.”
The next step now is for the application process over the next one to two years; exact timelines for the approval process will be communicated to the public.
Innovation had sought federal status in order to be better able to compete against other banks and tech companies who provide financial services; the status would allow Innovation to actively promote itself to non-members beyond Saskatchewan.
Johnson and other staff had been actively speaking to Innovation members about the federal proposal at meetings throughout the province, including in North Battleford.
Johnson paid tribute to those staff who spoke to members about the Special Resolution.
“This was a large undertaking, our most important endeavor in the history of our credit union, and they went far beyond my expectations, ensuring our members were well informed and involved. I’m honored to work with such an amazing team.”
The CEO also acknowledged there were members who did not support the resolution.
“We respect our democratic principle and will continue to grow our credit union by engaging all of our membership.”