The Broadview and Grenfell Co-op have announced the winner of the ‘Name Your Co-op’ contest, as well as the new name that will take effect in December, when the two Co-ops merge into one.
Broadview residents Ryan Tebbutt and Lana Karypk have won the grand prize, a $500 Co-op gift card, and their winning entry of Hometown Co-op will be the official name of the merged co-ops.
The reason for the name choice was, “What’s more familiar than your home town? It’s where people greet you by name when you walk through the door.”
Co-op members with memberships at both the Broadview and Grenfell Co-ops are now being encouraged to choose which membership number they wish to retain. The secondary number will be cancelled, and all membership equity will then be combined in their new Hometown Co-op Membership. Members that have dual numbers will be receiving a notice in the mail.
The amalgamation of the Grenfell and Broadview Co-ops will officially go into effect on November 27, 2011 and is expected to result in annual sales in excess of $22 million.
The amalgamation will require the creation of a new board of directors, which will be made up of members from both Grenfell and Broadview. Benefits will include the sharing of assets, human resources and equipment, as well as the ability to expand lines of inventory at each Co-op. Each will be introducing new products and services to the other, such as the Agro products, which are currently available only in Broadview.
As for the cash dividends, which have been allocated and repaid to members for a number of years, members of both Co-ops can apply to have their member equity paid down to their policy
minimum when they reach the age of 70.
Both Co-ops currently have an equity cap of $15,000, meaning that members who reach that amount have their allocations paid out in full each year. Both Co-ops are current with equity payments to their members and continue to pay monthly as applications are received, so the amalgamation would not negatively impact the equity payments.