Letter to Members
This letter is being sent by post or email to all members entitled to vote at the Second Special General Meeting:
12th July 2021
Proposed Transfer of Engagements of Stroud Valleys Credit Union to Great Western Credit Union – second meeting
On Saturday, 10th July 2021, members present at an on-line Special General Meeting of Stroud Valleys Credit Union AGREED with a resolution to transfer the whole of the stock, property and other assets and all engagements of Stroud Valleys Credit Union to the Great Western Credit Union.
We are now required to run a further Special General Meeting, on Saturday 24th July at 11am, to confirm this decision.
The meeting will be hosted on-line by our trade association ABCUL. To attend you will need to register in advance using the link https://attendee.gotowebinar.com/register/6914152843091756301
Voting in Favour of the resolution at this second meeting would start the process to transfer all memberships to the Great Western Credit Union, our region’s largest, at some point during the coming months.
What has prompted this decision now?
We want to increase credit union membership in Stroud district by a significant amount.
SVCU are not providing enough challenge to high cost lenders, who are increasing their market share. We need Great Western Union’s scale to publicise and and deliver the the products new members expect.
To improve service to our members
Gaining access to the Great Western on-line and telephone services, in addition to our branch office and telephone, would provide the services you are asking us for.
SVCU, run as a small stand-alone company does not have the scale or resources to meet all of our Regulator’s expectations. It needs to merge to secure a future for a local credit union service in Stroud.
It is important that as many members as possible join us on-line on 24th July. The transfer can only happen if we have sufficient members present to hold the vote, and if more than half of those present vote in favour. So please register.
Chairman, Stroud Valleys Credit Union