Member Questions & Answers

Q:     What are the benefits of Strathclair Credit Union joining Sunrise Credit Union?

A:     Strathclair Credit Union’s current size limits its ability to meet your needs. By joining Sunrise, Strathclair Credit Union will be part of a credit union with over $1 billion in assets – a larger, even stronger credit union that will grow along with its communities while continuing to deliver the personalized service members expect and deserve. 

This merger will enable Strathclair Credit Union to offer a wider range of products and services to meet the needs of members.  Strathclair Credit Union will be better positioned to meet the needs of larger account members, especially in commercial and agricultural sectors.

Q:     How will this partnership benefit the members?

A:     Merging will help members receive better products with competitive rates.   Some things to look forward to in the short term include:

  • The ability to conduct business in 20 branches across Southern Manitoba
  • Access to the Sunrise Lite app, which lets you handle everyday banking wherever and whenever it suits you using your Android or Apple smart phone
  • Access to more comprehensive retirement, wealth management & Insurance services
  • Keeping up with the latest of technologies that are ever changing.

Q:     Will Strathclair Credit Union not just be swallowed up by Sunrise?

A:     No. Strathclair Credit Union will have one position at the board table, which means Strathclair Credit Union members will still have a say in the direction of their credit union.  Sunrise has created a new board structure and Strathclair Credit Union will be part of that new structure. The decisions of the board will, as always, be based on what’s best for the credit union and its communities.

Q:     Does this merger make sense financially?

A:     Yes.  Economies of scale have to be at the forefront of our deliberations. There’s a significant cost to complying with increasing regulatory requirements, as well as keeping up with the technology and new products that todays’ members expect. The ability to share those costs will significantly benefit all of us.

Together we can share the additional costs required to provide our members with the specialized services and expertise they require.

Q:     How will this merger affect our communities? 

A:     Sunrise Credit Union will continue focusing on enhancing all of the communities it serves.  The levels of support and participation in our communities will only be enhanced by virtue of the increased resources of a credit union with over $1 billion in assets.

Q:     Will service charges go up as a result of the amalgamation?

A:     Some service charges may change to bring them in line with what Sunrise charges. As the credit union adds new products, members making use of the services will pay fair rates for those services. In keeping with Sunrise’s past record, service charges will remain competitive with (i.e. lower than) other financial institutions.

Q:     Where will loans be approved?

A:    As has always been the case, most loans will continue to be approved by individual lending staff and their managers.  Some larger loans will be examined by an executive credit committee of lenders and managers.  The amalgamation will provide Strathclair Credit Union the ability to approve large loans through a specialized lending department.
 

Q:     Where will the head office be?

A:    In 2015, Sunrise Credit Union built a two-story building in Brandon with a credit union branch and wealth management offices on the main floor and the corporate office on the second floor.  However, they still have the Credit Department in Holland, Clearing Department in Cypress River, and corporate staff in Treherne, Hartney and Deloraine.  Sunrise is committed to keeping jobs in local communities as long as possible. Various back-office support functions are completed in rural communities rather than moving such positions to a central location.  This won’t change after the merger.

The Registered Office will be Brandon, which is required for the amalgamation agreement and registration. 

Q:     What kind of new services are you proposing?

A:   The greatest service Strathclair Credit Union will gain will be in the wealth management & Insurance area with access to a diversified team of planners and advisors who can offer a variety of insurance and investment products. We will also be able to expand our technology which will allow us to keep current on any new products and services offered in today’s market.
 

Q:     Will new jobs be created?

A:     Positions or job titles may change, but it’s too early to tell whether we’ll require more employees. 

If new senior/executive positions are created, they’ll be offered first internally, from within our current ranks. In the long term, as with any other business, the size of our staff will be directly related to demand.  How well we do our jobs – how well we meet the financial needs of current and future members – will dictate how many new jobs eventually come from this amalgamation.

Q:     What about sponsorship of community events?

A:    Like us, Sunrise is committed to the communities it serves. The strong ties between communities and their credit unions will continue to be extremely important after the amalgamation.

Q:      How will profits go back to the community?

A:     Sunrise has adopted a “Pay it Forward” attitude wherein sponsorships of community events, local charities and scholarships are paid out as part of the annual budget. Rather than waiting until year- end results indicate a surplus and possible patronage, Sunrise shows its faith in each community through year-round support. Strathclair Credit Union is looking forward to partnering with a credit union of similar values, culture and ideals. 

Q:      Will there be any branch closures due to this amalgamation?

A:   No, but similar to Strathclair Credit Union all branches within the Sunrise family are actively monitored to ensure that they are financially stable and self-supporting before any decision of this magnitude is made.