Credit Union CEO Impressed in Pugwash
A large crowd gathered in Pugwash last night to consider a credit union as a replacement for the departing Bank of Nova Scotia.
While about 300 people were weighing the pros and cons of the coop style financial institution, they did not realise they were the ones being evaluated.
The President and CEO of the amalgamated Community Credit Union of Amherst and Truro answered all their questions, but Georg Oberprieler said he was there to get a feel for the potential of expanding the credit union to the more rural setting.
People asked about the services, kinds of accounts, investment opportunities, online services, and especially personal services.
The CEO noted that credit union members can get services from any credit union in Atlantic Canada. Further, ATMs are provided at no charge to members.
Oberprieler said the credit union offers all the same services as the chartered banks, sometimes at better rates. He added, “The only real difference is our customers own the bank,” generating dividends in the process.
Oberprieler said they need about 25 million in assets to break even and he was encouraged by the crowd that attended the meeting, saying there were more people than he expected and he liked what he saw.
He pointed out that the credit union is part of the coop movement. The credit union is simply a coop bank.
The CEO was asked if he knew why Scotiabank was leaving Pugwash. He said it was one of eight branches closing in Nova Scotia with many more across Canada. He said the saving on staff and expenses would add millions to the bank’s bottom line.
Oberprieler says his philosophy is the be people driven. Opening branches opens more opportunities for relationships, more face-to-face opportunities to issue personal loans and mortgages. He added, “We need deposits and loans, just like every other financial institution.”
There was one glaring difference expressed last night. While everyone agreed that Scotiabank is profit driven, Oberprieler kept referring to “break even” as the minimum goal in opening a new branch. He said, “The bottom line for us is always you, because you are the owner.”
A decision on expansion to Pugwash will be announced by the end of February.
Add your comments below.