Chris Inniss, CEO, Auto Workers Community Credit Union
Our thoughts are with the employees, local businesses and community members who will be impacted by the disappointing announcement by GM to close the Oshawa plant. Our credit union was originally built by the workers of General Motors and will do everything we can to support those affected by the Oshawa plant closure.
AWCCU Financial is proud to be the largest locally-owned credit union in the Durham region, thankful to the strong foundation built by the auto workers over 80 years ago. Like many credit unions across Ontario, we have shifted our focus towards diversification of our member base. Under 6% of our total loans are to active GM employees and we are confident that we will see very little delinquency in this portfolio. We are working on ways we can support the employees, local businesses, and community members who will be impacted by this decision.
Also like many Canadian communities Oshawa has worked to diversify. At its peak GM employed 40,000 and supported countless other businesses; as of today, due to automation there are around 2,500. Oshawa is one of the fastest growing economies in Canada and hosts three post-secondary institutions (Durham College, Trent University Durham and University of Ontario Institute of Technology), Lakeridge Health and Education Research Network and the Oshawa Clinic, the largest multi-speciality medical group practice in Canada. Oshawa is also striking distance to the rest of the GTA for commuters.