The future of one of southeast Saskatchewan's largest financial institutions could be taking a dramatic turn.
The board of directors of Spectra Credit Union has passed a motion to pursue a merger and/or co-operative partnership opportunity. According to a press release issued Thursday, proposals will be requested which will ultimately result in province-wide service for Spectra's members while "maintaining a strong credit union presence in southeastern Saskatchewan."
"While Spectra is financially strong, the board of directors recognizes the market pressures to stay competitive in an increasingly sophisticated and regulated industry," said board of directors President Wayne Amos.
"The board is showing leadership and vision by looking for credit union partners while we are in a position of strength and large enough relative to our prospective partners to influence and ensure that our member, employee and representation requirements are addressed."
CEO Tim Schroh said the goal of any merger is to position Spectra members to "take advantage of continued success and growth in southeastern Saskatchewan by tapping in to the capital, expertise, technology and capacity of a provincially based credit union."
In order to confirm this is the best option for its members and staff, the board says it will exercise careful due diligence in developing a business case in the coming months. Members and investment shareholders will be notified as developments occur and the final proposal will be taken to the Spectra membership and investment shareholders for respective votes.