Three Squamish Savings employees have been affected by the Vancity "restructuring" announcement on June 13, according to a media spokesperson for the credit union.
Last Thursday, it was shedding 7% of its workforce, or 200 employees.
Squamish Savings has been a division of Vancity since Squamish Credit Union merged with Vancity in 2005.
Brian Cheralley, president of Public and Private Workers of Canada, Local 5, which represents workers at the Squamish bank, said that two people laid off in Squamish were managers and not union members. The one union member was given 60 days' notice, as per the union’s agreement.
“The member has options to take lay off or use seniority rights to bump another member. So, at this time, there has not been an official layoff to our membership, but we suspect that over the course of 60 days, one person will get laid off,” he said.
“We are extremely disappointed in the company's decision and will fully support our union members who are affected by this move.”
He added that he would like to see the employer reconsider the decision and rescind the layoff.
According to a Vancity news release, every employee who was let go was given a "comprehensive, fair and equitable" package of compensation, health and well-being, and career support.
The release notes, for example, that the company is continuing extended health, dental and insurance plans, as well as employee and family assistance program services, for three months following employment.
It also states that Vancity is following collective agreements in terms of next steps for union member employees.
Wellington Holbrook, Vancity’s president and CEO, who took the helm of the company on Jan. 15, called the terminations "incredibly difficult."
"However, this step is essential for two reasons. We need to align Vancity's business with our current market conditions, and we also need to support a future-focused renewal of our commitment to members and community," he said.
"The reorganization and change we’re implementing will enable us to maintain high levels of member service and also invest in our continued growth, innovation and success as Canada’s largest community credit union."
The local credit union was formed in Squamish in 1944.
In 1987, it became the first financial institution to operate an ATM, which was installed in the 7-Eleven beside McDonald’s on Highway 99, according to the .
