Preliminary merger talks have begun between the East Kootenay Community Credit Union (EKC) and the Heritage Credit Union (HCU).
According to EKC officials, the end goal will be the creation of a new credit union, aimed at getting better benefits to members, employees and communities.
“Partnering with Heritage Credit Union will potentially create a better, stronger credit union and is an exciting opportunity for our respective members and employees,” said Lynnette Wray, East Kootenay Community Credit Union board chair.
“Our Boards and management teams know we must grow and evolve in order to compete, to take advantage of changing technology, and to better serve our members and employees.”
EKC officials said additional analysis and consultation still need to take place as the merger talks continue.
“Any merger we consider must be in everyone’s best interests,” said Joleen Kinakin, Heritage Credit Union Board Chair. “EKC and HCU are committed to consulting with our members and employees on this important effort so their voices are heard.”
“The credit union we create must build on our respective legacies while fueling the potential of our members, employees and the communities we serve.”
Both credit unions have entered a Memorandum of Understanding while working towards developing a comprehensive business case for the combined credit union along with other steps along the way.