(Saskatoon): During a Special Meeting of Members and Shareholders on September 28, Concentra's stakeholders voted overwhelmingly in favour of Concentra's continuance as a bank under Canada's
Bank Act. 84% of members and shareholders - representing 99.6% of total shares in Concentra - participated in the meeting, with 100% voting in support of continuance. These numbers represent the highest voter turnout in Concentra's history.
The meeting came as the culmination of an extensive stakeholder engagement process conducted over the past several months, designed to solicit feedback from across the co-operative system.
"Listening to our members and shareholders has been a key pillar of Concentra's bank continuance initiative," said Ken Kosolofski, President and CEO. "Participation and vote results demonstrate broad support from across the system, and it is extremely important to have our co-operative colleagues behind us as Concentra charts this course towards bank continuance. We are deeply grateful for their overwhelming show of support."
He continued, "We've said all along, the primary reason driving bank continuance is the need for Concentra to evolve in order to better serve credit unions."
Kosolofski's comments were echoed by President and CEO of the Canadian Credit Union Association, Martha Durdin, who said, "As the credit union system continues to evolve, our strategic partners, such as Concentra, must also evolve to ensure the long-term strength of the system. We are confident that, regardless of its legal corporate structure, Concentra will continue to be owned by co‑operative entities and participate fully in the credit union system."
Earlier this year, a review of Concentra's corporate legal structure determined the system and its members would be best served by Concentra continuing as a bank. The transition will increase Concentra's capacity in a number of ways and bring greater value to credit unions by enhancing Concentra's ability to deliver leading wholesale banking and trust solutions. Concentra will continue to be a co-operative financial institution with safeguards in place for co-operative ownership and governance.
With vote results in hand, Concentra will now submit a formal application to the Office of the Superintendent of Financial Institutions for approval by the federal Department of Finance. Concentra is targeting January 1, 2017 for operation under the
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