Transfer of Engagements and SGM 31 March

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Updates from your Board and information on your Credit Union

On this page we will be posting more detailed information on the issues we raise in our regular newsletters, plus members can also download supporting information.

22 February 2022

 WE HAVE SOME EXCITING NEWS TO SHARE WITH OUR VALUED MEMBERS

The future is looking positive with a transfer of engagements (TOE) offer from another credit union being received by your New Zealand Firefighters Credit Union (NZFCU) Board. A TOE is a proposal for two credit unions to amalgamate and is our preferred solution to our current situation. 

NZ Credit Union Auckland (NZCU Auckland) has presented its proposal for a TOE between our two credit unions, which the board has reviewed through an extensive due diligence process.

 

As a result of this work, the board strongly supports this TOE offer from NZCU Auckland for a combined future together. The decision to merge ultimately lies with you, the members, who will vote on accepting it at an upcoming Special General Meeting (SGM) on 31 March 2022. For the TOE to go ahead, we need 75% of the voting members to agree to it. This is why your vote is crucial and whether you can attend the meeting or not, is so important.

Your board is very aware that members need to have all the information available so that you can make a fully informed choice on the future of your credit union. Therefore, we will be distributing FAQs, products, services and information with financial comparisons, over the next few weeks to better inform you on your voting choice. Included in all that information will be an explanation of other options if the members do not agree to the TOE.

In addition, the board will be producing some videos (available soon on Facebook and our website) to further explain the reasoning behind the TOE and the key reasons why we feel NZCU Auckland are the best partner for us.

Over the coming weeks and after you begin to receive more information, we expect that many of you will have questions, so please feel free to email us at sgm@firefighters.co.nz. A board member will be responding to your questions, and we will be updating you all weekly as the SGM approaches.

We hope you view this decision positively and take the opportunity to vote at the SGM.

Sincerely,
NZFCU Board

NZCU Auckland provides us with a constructive and positive merger partner. I look forward to this opportunity to guide our credit union into the future and beyond with this proposed partnership.

We will be able to continue our 46-year-old legacy of firefighters helping firefighters and have the backing to grow our membership again. We will have the benefits of a larger partner that can meet the many regulatory and compliance demands now being placed on credit unions.

I know members will have many questions and we will answer those and any concerns from you as they arise.

If you would like to ask something or have a concern please don’t hesitate to reach out to the committee at sgm@firefighters.co.nz

Boyd Raines
Chair
TOE Sub Committee