Caisse populaire de Shippagan to return to francophone sector

March 8, 2007
FREDERICTON (CNB) - An agreement in principle has been reached for the return of the Caisse populaire de Shippagan to the francophone credit union sector. Minister of Justice and Consumer Affairs T.J. Burke, and Minister of Finance Victor Boudreau, made the announcement today in Shippagan.

"The agreement we have negotiated for the Caisse populaire de Shippagan will see it return to the federation, where all parties involved believe is the best place for it to be, based on linguistic, cultural and other strategic factors," Burke said.

The transfer of affiliation to the Federation des caisses populaires acadiennes will take place on June 1, 2007.

"The Government of New Brunswick recognizes the important role that the credit union movements have played in providing essential financial services and economic opportunities to communities throughout the province, especially in rural and under-populated areas," Boudreau said. "Our actions today demonstrate our continued commitment to these movements."

The agreement includes a financial package which will be explained to members at a special meeting to be called by the Caisse populaire de Shippagan.

"The change in affiliation represents a business decision that will be of great benefit for the caisse populaire, its members and its employees," said Robert S. Charbonneau, managing director of the Caisse populaire de Shippagan.

In 2005 there were 56 caisses populaires and credit unions in operation in New Brunswick, with 1,245 full time employees; 320,154 members; $2,996,225,408 in assets, and $2,699,184,787 in deposits.


MEDIA CONTACT:
Vicky Deschenes, Finance
506-453-4138;

Valerie Kilfoil, Justice and Consumer Affairs,
506-453-6543