This commentary is by Todd Bailey, CEO of Trace, a Vermont company providing seed-to-sale tracking for the cannabis industry. He is former vice chair of the VSECU board of directors and was a partner at Leonine Public Affairs in Montpelier for nearly 10 years. He and his wife, Lauren, live in Winooski and have been members of VSECU since 2006.
I write this in support of the Vermont State Employee Credit Union and New England Federal Credit Union proposed merger.
I am a former board member of VSECU. I was on the board in 2014 and served on the hiring committee when we hired Rob Miller to become VSECU’s new CEO. His dedication to Vermont and Vermonters was and is one of his valued leadership strengths that the board intentionally sought in a new CEO.
I understand firsthand the breadth, complexity and challenges of operating a major financial institution as a former VSECU board member and commend the board and executive leadership of both VSECU and NEFCU to have the vision to take two respected Vermont institutions and merge them into something of greater value, reflecting and enhancing Vermonters’ values and prosperity.
The financial stability and strength of this merger will honor the legacy of two credit unions that started small and grew.
The merger is dedicated to increasing capital, creating high-quality jobs, and will allow the merged entity to help ensure great rates, low fees, more branches, better digital capabilities, and better and more responsive member service.
Frankly, it’s incredibly positive to see Vermont businesses choosing to come together for the benefit of Vermonters.
The new merged credit union will have greater ability for better service, lending, and dedication to a strong shared mission. Employees at VSECU are amazing to work with and the dedication to their “triple bottom line” business model that accounts for positive impacts on people, planet and prosperity holds true now and into the future.
These shared values with NEFCU’s lending strength and strong member service are just a sample of how exciting the potential of this merger is for members.
I see this merger as one of the most exciting and beneficial financial undertakings for Vermont and Vermonters in decades. It takes two highly respected Vermont credit unions and combines the best of both. It is a move that has far-reaching value to current and future generations of Vermonters for decades to come.
I look forward to the approval of this merger by financial regulators and for my opportunity to vote yes as a member of VSECU when the merger vote occurs.
Read the story on VTDigger here: Todd Bailey: A new, merged credit union will have far-reaching value to Vermonters.