Personal Finance

Sunova (Hubert), Access (Accelerate) and Noventis credit unions merger

  • Last Updated:
  • Jan 28th, 2022 12:09 pm
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[OP]
Deal Fanatic
Jan 21, 2018
7821 posts
8508 upvotes
Vancouver

Sunova (Hubert), Access (Accelerate) and Noventis credit unions merger

Just got an email from Hubert saying that these 3 credit unions are in merger discussions. Wonder if that's good or bad?

"We are excited to announce that Access Credit Union, Noventis Credit Union, and Sunova Credit Union are formally discussing a potential merger.

What will happen to Hubert Financial if the merger goes through?

The potential combined credit union will have a collection of subsidiary operations, such as AcceleRate Financial and Hubert Financial. For now, it will be business as usual for each division."

https://www.acceleratefinancial.ca/serv ... iscussions
3 replies
[OP]
Deal Fanatic
Jan 21, 2018
7821 posts
8508 upvotes
Vancouver
Update from the Hubert shareholder briefing:

Hubert and Noventis will be merged into Access (the largest of the 3). Access back-end IT systems will take over operations. The merged credit union will be called Access. The new board will be 50% Access and 25% each Sunova and Noventis. The chairman will be the current Access chairman. The Sunova CEO is retiring later this year.

Usual empty words about maintaining values, but essentially Sunova/Hubert will be disappearing over the next year (presuming of course that the merger is approved by the members), although they might retain the Hubert brand name if there's any marketing value in it.

The CEO let slip that the current GIC interest rates are a promo that they plan to reduce at the end of the month.
[OP]
Deal Fanatic
Jan 21, 2018
7821 posts
8508 upvotes
Vancouver
The merger vote was in favour, so the merger will be going ahead. Bye-bye Hubert Happy Savings, hello Access, my least favourite credit union.
Deal Addict
Mar 3, 2009
1712 posts
1033 upvotes
Ottawa, ON
I guess maybe I should consider a backup plan for the money I have with Hubert. I have some money in their 1 year TFSA GIC.

There are probably banks with better rates but I have not taken the time to look.

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