Tuesday, March 31, 2009

Response from Credit Union CEO

March 31, 2009

Mr. Gerry Hicks
Campobello Island Health and Wellness Advisory Committee
36 North Road
Welshpool, N.B.

Via e mail: campobelloislandhwac@gmail.com

Dear Mr. Hicks:

I am in receipt of your letter to Ms. Kathy Woodside, forwarded to me by her, concerning your opinion on the closure of the Campobello Island branch of Charlotte County Credit Union. We respect the mandate of your Committee, and further acknowledge your disappointment with our decision. That said, the decision to close this branch, or for that matter any branch, is not one which is taken lightly. We have analyzed the financial results from this operation and the impact which it has had on the Credit Union as a whole. That analysis made it crystal clear that the decision to close this branch, as well as the one in Blacks Harbour, was both necessary from a business perspective and in the best interests of all the Credit Union’s owners when taken as a group.

We understand your emotion and characterization of our decision. However, a Credit Union, despite its co-operative basis, must operate on sound business principles and therefore must be able to justify its branch network on a financial basis. We regret the loss of jobs and the other impacts on the community; however, we are confident that in the last eight years we have given the community every opportunity to support the Credit Union more fully and have made every effort to create success in this location. Unfortunately, these efforts have failed and we are left no choice but to make this difficult but necessary business decision.

I thank you for your expression of concern on this matter.

Yours Truly,

Gerard M. Adams, C.A.
President & Chief Executive Officer

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