Six Credit Unions in the Kootenay and Boundary Regions are one step closer to a merger said a recent media release.
In the release, the Boards of Directors for the six credit unions said they are exploring a potential merger voted to proceed with submitting an application to the Financial Institutions Commission of BC (FICOM), requesting consent to present the potential merger to their respective memberships, resulting in a membership vote.
“The Board of Directors for each of the six credit unions considering a merger – Columbia Valley Credit Union, East Kootenay Community Credit Union, Grand Forks Credit Union, Heritage Credit Union, Kootenay Savings Credit Union and Nelson and District Credit Union – reviewed and analyzed the merger business case,” the release said.
“After discussing the opportunities and risks associated with the merger, each of the six Boards agreed to move to the next step in the merger process, which is an application to the regulator (FICOM), seeking consent to present the merger question to members.”
The release said the FICOM will commence its in-depth review once all required application documents have been submitted to the regulator.
Should FICOM provide their consent, each of the six credit unions will proceed with a membership vote to determine if their members support the merger.
“This is an important and significant milestone in our merger journey,” said Michael Strukoff, designate Chair of the Board for the Exploring Strength and Unity merger initiative in the release.
“It demonstrates the commitment of the Boards of Directors and management teams of the six credit unions to the benefits and opportunities a merger would bring to our members, employees and communities.”
The release said it is important to note that no merger is possible without the approval of members.
Should FICOM give their consent and members be asked to vote on a merger, members will be provided more details, information and the chance to engage in conversation about the potential merger in the coming months, well in advance of any membership votes.