Several financial advisors with Community First Credit Union Ltd. are on strike as part of a company-wide labour stoppage at the Sault Ste. Marie, Ont.-based financial cooperative.
Around 60 unionized employees of Community First went on strike Jan. 1, the day after the expiry of their previous collective agreement, following their rejection of an offer from the credit union. Community First employees are members of United Steelworkers Local 7129.
Among the striking employees of the credit union are four mutual fund investment specialists who are licensed through Credential Asset Management Inc., a subsidiary of Credential Financial Inc. of Vancouver.
Among the non-unionized Community First advisors who aren’t part of the strike is one advisor licensed through Credential Asset Management and one advisor licensed through Credential Securities Inc., an Investment Industry Regulatory Organization of Canada firm. Community First also employs one non-unionized insurance specialist, licensed through Credential Financial Strategies Inc.
“Our goal [during the strike] is to service our members through our non-union advisors,” wrote Gregory Peres, CEO of Community First in an e-mail. Peres says the credit union has been returning members’ calls on the same day they’re made, booking appointments and ensuring trades are completed on time. “To date, it has been business as usual,” Peres wrote.
The credit union is seeking concessions from the union in the bargaining over the collective agreement, but characterized its offer as fair and one that would provide its workers wage and benefits that would keeps it employees “among the highest paid in the industry.” For its part, the union says the credit union is seeking to claw back hard-won gains and benefits at a time when the credit union is profitable, in a bid to boost profits at workers’ expense.
“All of a sudden, when they’re making money, they want concessions,” said Jack Ostroski, the USW’s area coordinator for northwestern Ontario, based in Sault Ste. Marie.
Community First has three branches — two in Sault Ste. Marie and one in Timmins —and had $319 million in assets and more than 15,000 members as of June 2011. In response to the strike, Community First management is serving clients at two of three branches – one Sault Ste. Marie branch has been temporarily closed – during reduced daily hours of operation.
This is the first strike at the credit union since 1986, when it was known as ASCU Community Credit Union. The credit union was founded in 1948 as the principal credit union for employees of Algoma Steel.