Island Savings members vote ‘yes’ on merger

Island Savings members have voted strongly in favour of joining First West Credit Union as of Jan. 1, 2015.

It’s taken six weeks of debate but the membership has spoken, according to Island Savings CEO Rod Dewar.

“This ‘yes’ from our members is really a vote for the continued success of Island Savings and for the cooperative roots that our credit union was founded on more than 60 years ago,” he said. “There’s been a lot of information for our members to consider in a very short period of time, and so I give my deepest thanks and appreciation to the Islanders who participated in this process.”

Wrapping up Nov. 12, voting on a proposal to partner with First West saw ballots cast from 8,454 Island Savings members that hold either or both Class “A” and Class “C” shares.

The special resolution voted on by Class “A” shares was approved by a majority of 79.62 per cent and the separate but identical resolution voted on by Class “C” investor shareholders was approved by a majority of 79.96 per cent.

A two-thirds majority was needed to succeed.

“I’m tremendously proud of the dedication and passion our employees brought to this democratic process over the past few weeks,” Dewar added.

Through First West’s partnership model, Island Savings will retain its employees, branches, brand, local decision-making power and community investment program.

Effective Jan. 1, Island Savings will be known as Island Savings, a division of First West Credit Union, led by 19-year Island Savings employee Randy Bertsch who will become president from his current role of chief operations officer.

Dewar is leaving the credit union but three current Island Savings directors – Mark Aston, Richard Hill and James McKenzie – will be appointed to the First West Board.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Fundraiser being held for family of Mark Olson

Olson died suddenly on March 29

Cowichan Mountie cleared of wrongdoing after woman’s arm broken during arrest

Police were called around 10 p.m. on Dec. 30, 2019 to remove a “severely intoxicated” woman

CVRD calls for continued COVID-19 vigilance, asks visitors not to come to Valley

With warmer weather, Easter holidays, district fears residents may become lax

Weather forecast for the Cowichan Valley sunny and mid-teens

Lots of sun expected over next two weeks

UPDATE: Canadians awake to extra COVID-19 emergency benefit money, feds clarify changes

The CRA and federal officials are working to clarify the confusion around payments

List of cancelled Cowichan Valley community events

An ongoing list of events that have been cancelled in the Cowichan Valley due to COVID-19

B.C. sorting medical equipment sales, donation offers for COVID-19

Supply hub has call out for masks, gowns, coronavirus swabs

B.C. records five more deaths due to COVID-19, 45 new cases

A total of 838 people have recovered from the virus

Major crimes investigating sudden death of North Okanagan child

The 8 year old was flown to Kelowna General Hospital and died hours later

Easter Bunny added to B.C.’s list of essential workers

Premier John Horgan authorizes bunny to spread “eggs-ellent cheer” throughout province

Travellers returning to B.C. must have self-isolation plan or face quarantine: Horgan

Premier John Horgan says forms must be filled out by travellers

More than 400 animals have been adopted amid pandemic: B.C. SPCA

People are taking this time of social distancing to find a loyal companion through the animal welfare group

VIDEO: More than 85 people displaced by Campbell River apartment fire

Traffic is being diverted around Dogwood Street and 9th Avenue

Most Read