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Monday, October 26, 2020

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We understand the entertainment industry, and the people in it.

Big things are in store for Creative Arts Savings & Credit Union (CASCU)

We are excited to report that CASCU is planning to merge with FirstOntario Credit Union!

FirstOntario is one of the largest credit unions in the country with a focus on providing an exceptional banking experience, innovative products and services and a commitment to community. FirstOntario has been serving Members throughout the Golden Horseshoe, Niagara Region and Southwestern regions of Ontario for more than 80 years. With $8.8 billion in assets under management, we are confident this partnership will deliver a sustainable future for us.

Visit www.firstontario.com/about-us.

Our credit union will be called Creative Arts Financial (CAF), a division of FirstOntario Credit Union Limited.

It is because of you that CASCU opened its doors almost 12 years ago with initial assets of $4 million and has grown to hold assets of $20 million. What started with 279 members has expanded to a membership of 1,700 and continues to grow. But as we seek to thrive in this competitive environment, we needed to find a partner who would support our needs while embracing our uniqueness as a creative arts community. FirstOntario offers the strength and stability we need to remain as a relevant financial institution.

As CAF, we'll not only be able to better serve those who work in our creative industries, but we'll also be able to provide a much more robust suite of services, including:

  • Multiple ways to bank including more digital platforms that support banking 24/7
  • Availability of higher limits on loan amounts
  • U.S. Dollar accounts
  • Remote cheque capture/depositing
  • Credit cards

To make this happen, CASCU is closing on an Asset Purchase Agreement (“the APA”) with FirstOntario and for that we need to bring this to the membership at large. In this very legal transaction, CASCU will sell all of its assets to FirstOntario, CASCU's legal entity will eventually be dissolved, and the new CAF will operate as a division of FirstOntario Credit Union Limited.

You will be receiving a package in the mail and we need you to vote “YES” to approve the special membership resolutions in our mail-in vote!

You may receive up to 3 different BALLOTS:

  • one PURPLE Ballot as a Member
  • one PINK Ballot as Class A Investment Shareholder, and
  • one YELLOW Ballot as Class B Investment Shareholder

Your vote in EACH group of CASCU stakeholders determines the approval of the special resolutions CASCU needs to complete this merger. 

The completed Ballot(s) must be received by the Office of Scrutineer and post-marked on or before October 2nd. It is very important to follow the directions on the back of the Ballot and include your NAME and CASCU MEMBER NUMBER on the self-addressed return envelope. If you don't include your member number, your vote may be disqualified!

If you do not access our online services and/or don't know your CASCU MEMBER NUMBER, check here! or please contact us at infor@creativeartscu.com or 416-642-6749 for assistance. 

Results of the vote will be announced at a Special Members’ Meeting on October 6th at 1 pm.

To register and receive video conferencing login details please send an email to info@creativeartscu.com with your NAME and MEMBER NUMBER with the subject line:

  • “REGISTRATION: Special Member Meeting - Member”
  • “REGISTRATION: Special Member Meeting - Investor”

Please look out for the mailed materials to fill out your BALLOT and return it with the self-addressed envelope to the Office of the Scrutineer.

See supporting materials online below:

I encourage you to get your Ballots in and see what's in store for you as we grow into Creative Arts Financial (CAF)!

Thank you,

Frank Manzo, CEO

 

COVID-19

To help limit the spread of COVID-19 virus the office is closed until further notice in accordance with the recommendations of the City of Toronto  Read more...

 

It's official! 

CASCU members vote OVERWHELMINGLY in favour of merging with FirstOntario CREDIT UNION! Thank you to all who participated. Read more…

Deposit Insurance Reserve Fund

Did you know that deposits are insured by the Deposit Insurance Reserve Fund (DIRF)? You can rest comfortably knowing your deposits are safe. Learn more... 

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625 CHURCH STREET. 1ST FLOOR, TORONTO, ON  M4Y 2G1
416.642.6749  |  877.643.3660  |  info@creativeartscu.com

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