8
VISION CREDIT UNION 75 YEARS / HERE FOR GOOD
Building the
credit union.
As the 1980s gave way to the ‘90s,
the somber tone of the Board Directors’
reports shifted to restrained optimism.
The credit union had weathered the
worst the economy could throw at it.
Annual reports detailed building
upgrades, community donations, stable
reserves and profit share dividends.
The new Credit Union Act required all
credit unions to achieve a five percent
Equity Reserve of Assets before 1999.
“Battle River Credit Union has already
achieved reserves of seven percent,”
said Alan Fielding in the 1989 Director’s
Report. That year, Fielding became
president of the Board, taking the helm
after the passing of Lief Osback, who
served as director from 1981 to 1989.
Although the 1990s were a decade of
fiscal restraint, economic restructuring
and recovery in Alberta, Battle River
Credit Union continued to gradually
grow its membership and assets. A new
story was added to the Camrose head
office building. After 11 years working
in the 51st Street branch basement,
head office staff got to move upstairs.
The West End branch was built,
branches were renovated and
technology was updated. By the credit
union’s 50th Anniversary in 1999, it had
achieved more than $143 million in
assets. It was hard-won, steady growth.
Doubling down
on rural Alberta.
On February 16, 2000, just two
months into the new millennium, things
took a sharp upturn.
The Bank of Montreal had announced
the sale of 34 of its prairie branches –
they were focusing on urban centers.
They approached the credit unions in
these rural markets to broker a sale.
“We made a commitment as a credit
union system to maintain financial
services in those rural communities,”
says Amy Gertsma, VP Digital
Transformation at Vision who has
worked at the credit union in Wainwright
for 28 years. Wainwright Credit Union
bought branches in Hughenden, Irma,
Chauvin and Edgerton from the Bank of
Montreal.
Battle River Credit Union was offered
seven branch locations in Alliance,
Daysland, Killam, Sedgewick, Viking,
Castor and Two Hills, which would
nearly double its branch numbers.
“Terry (Kelly’s) eyes lit up because it
was time for some growth for the
organization,” says Ron Pilger, a board
member since 1993. “At the time of the
BMO acquisition, Vision was getting by
with meager profits, and we had been
going along much the same from year
to year and gradually growing.”
The board was initially less
enthusiastic than Kelly, remembers
Pilger. If the Bank of Montreal couldn’t
make these branches profitable, how
could the credit unions? Ultimately, the
board got on side. “We saw it as an
opportunity to grow,” says Pilger.
CUDGC, the credit union oversight
body, was much more skeptical, sending
a pointed letter to Kelly outlining their
concerns. Kelly and the board decided
to proceed with the purchase of the
branches anyway. “Terry kept that letter,
and he proved them all wrong 100
times over,” says Maureen Grove, who
worked in head office at that time.
“There was a strong business case for
it. And the results bore that out,” says
Pilger. The branches soon became
profitable, and the Battle River Credit
Union recouped the investment cost
within a year. “The Bank of Montreal
purchase moved us from $144 million
to over $303 million in assets almost
overnight.”
2000
/ Purchased seven Bank of Montreal
branches with five new locations
for a total of 11 branches.
Assets: $303 million.
2003
/ Opened newly renovated City Centre
branch. Renovated head office.
Assets: $338 million.
2009
/ Renovated the Castor branch.
Installed ATM at Vegreville branch.
Assets: $358 million.
2009
/ Terry Kelly, Battle River Credit
Union’s general manager of 30 years,
passes away. Board appoints Steve
Friend as CEO.