Letter to Members

This letter is being sent by post or email to all members entitled to vote at the Special General Meeting:

17th June 2021

Dear Member,

Proposed Transfer of Engagements of Stroud Valleys Credit Union to Great Western Credit Union

The Board of Stroud Valleys Credit Union invites you to attend an on-line Special General Meeting at 11am on Saturday, 10th July 2021 to vote on 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.

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/6914152843091756300

Voting in Favour of this resolution would transfer all memberships to the Great Western Credit Union at some point during the coming months. Great Western Credit Union is a new name for Bristol Credit Union following its merger with Wyvern Credit Union. It is a mutual, co-operative organisation, like SVCU, created by smaller credit unions merging together over many years to become our region’s largest.

What has prompted this decision now?

We want to increase credit union membership in Stroud district by a significant amount.

Great Western, as a large credit union, can advertise and offer a wider range of low cost financial services products that meet members’ expectations in 2021. SVCU are not currently providing enough challenge to high cost lenders, which is one of our core purposes.

To improve service to our members

As members you say you would like to do more on-line, faster and with less paperwork. Gaining access to the Great Western on-line and telephone services in addition to our branch office would enable this.

To modernise

The costs in money and volunteers’ time of running SVCU as a small stand-alone company now far outweigh the benefits and we are constantly fighting to meet our Regulator’s expectations. It is increasingly hard to see a future for a small, volunteer-run credit union.

It is important that as many members as possible join us on-line on 10th July. The transfer can only happen if we have sufficient members present to hold the vote, and if two thirds of those present vote in favour. So please register.

Andy Moy

Chairman, Stroud Valleys Credit Union