Massive technology (bank accounts, computer systems) turnover to take place this weekend
By
Mark Schadenberg
Not
that I would know, but all good pre-nuptial agreements take time to
iron out the details. You know, like who is going to do the ironing
and who is going to balance the cheque book.
Even
though a Woodstock Sentinel-Review story last August noted that the
Woodstock-based Rochdale Credit Union (www.rcu.com)
was to be assimilated by FirstOntario Credit Union
(www.firstontariocu.com) by
the end of 2013, it appears the evolution is taking place now.
The
story below describes the wealth power of First Ontario as compared
to Rochdale. The local credit union was founded in 1942 and has over
6,000 members in Woodstock, Ingersoll, Norwich and Brantford.
FirstOntario
is several multiples larger with more than 100,000 members.
This
weekend – April 11-13 is the time frame for the complete technology switch to FirstOntario for soon-to-be 'former' Rochdale clientele
There
is a PDF link below that outlines the time frames, but essentially
the branches will be closed and the letter to clients/members clearly
states that membership needing use of an ATM, for example, must do so
by 6 p.m. On Friday, April 11.
It's
an end of an era. I remember in high school that Rochdale was my
'bank' and my branch was in the first block of Dundas east of
VanSittart, right around 365 Dundas. It was a convenient location as
I lived on Oxford Street, went to WCI, and was a regular across the
street from Rochdale at Mel's Fish & Chips.
I'm
sure this transition has been top-of-mind for current Rochdale
customers, but it's been rather quiet in the local press.
Oxford's
Rochdale locations:
Woodstock
– 943 Dundas Street • Woodstock, Ontario N4S 1H2 • 519.539.4813
Ingersoll –
108 Thames Street South • Ingersoll, Ontario N5C 2T4 •
519.485.1270
Norwich
– 48 Main Street West • Norwich, Ontario N0J 1P0 • 519.863.3401
August,
2013 Sentinel-Review Story
Rochdale
Credit Union and FirstOntario Credit Union are working toward merging
their operations by the end of 2013.
“A
memorandum of understanding has been signed by both credit unions,”
said Kelly McGriffin, president and CEO of FirstOntario, about the
proposal that was announced in a press release on August 12. “We
are looking forward to this opportunity to expand our presence within
the Oxford and Brant regions and welcome Rochdale's members to the
FirstOntario family.”
The
financial institutions' boards of directors have approved the
transaction subject to finalizing due diligence activities and
approval by Rochdale's membership in the fall.
The
deal would see all Rochdale and FirstOntario branches remain open,
operating under the FirstOntario Credit Union banner.
The
organizations said no job cuts are planned as a result of the merger.
Managing
funds of about $4 billion, the combined organization would serve
approximately 100,000 members through 27 branch offices.
“Rochdale
and FirstOntario have already been working together cooperatively for
a number of years and it is through these interactions that we found
a striking similarity in our cultures and approach to member
service,” said Nigel Millington, CEO of Rochdale Credit Union. “As
we continued to cooperate, we also identified a wide range of areas
where combining our services would be a significant benefit to all
members leading to formal discussions about a potential merger.”
Once
the merger is complete, FirstOntario will be one of the largest
credit unions in Ontario, Millington said.
“It'll
be in the top three or four in the province,” he said.
Carey
Smith, FirstOntario board chair, said both organizations have a
people first culture and are focused on providing exceptional member
experience.
“We
take our social responsibility seriously and are dedicated to
supporting organizations within our local communities,” Smith said.
“Both credit unions see that combining our operations will afford
our members an increased branch and bank machine network, access to
more financial products and enhanced services.”
Founded
in 1942, Rochdale Credit Union has about $190 million in funds under
management and serves 6,500 members at branches in Woodstock,
Ingersoll, Norwich and Brantford.
FirstOntario
Credit Union manages more than $3.6 billion in funds and serves about
90,000 members at 23 branches in 13 communities in Hamilton, Halton,
Niagara, Haldimand/Norfolk and Oxford.
“Both
organizations share strong core values that focus on member and
community service and will be strengthened by this combination,”
said Jake Feyen, Rochdale board chair.
Links to a
FirstOntario PDF statement:
Mark
Schadenberg, Sales
Representative
Senior
Real Estate Specialist (SRES designation)
Royal
LePage Triland Realty
757
Dundas St, Woodstock
www.wesellwoodstock.com
(519)
537-1553, cell or text
Email:
mschadenberg@rogers.com
Twitter:
markroyallepage
Facebook:
Mark Schadenberg, Royal LePage Triland
Discussion
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