The Board of Directors for the six area credit unions in the Kootenay, Columbia Valley, and Boundary regions have agreed to proceed to with an application to merge, pending provincial consent and subsequent approval by their respective members.
East Kootenay Community Credit Union, Columbia Valley Credit Union, Kootenay Savings Credit Union, Grand Forks Credit Union, Nelson and District Credit Union, and the Heritage Credit Union would all be included in the potential merger.
Reviewing and analyzing the merger business case, the Board of Directors agreed to move forward and make an application to the Financial Institutions Commission of BC (FICOM), looking for consent to present the merger question to the membership for potential approval.
“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. “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.”
At this stage of the process, FICOM will now conduct a full review of the merger business case. Provided that FICOM give consent, the six credit unions will then move to a membership vote to see if members support the regional merger.
The merger will not proceed unless FICOM gives consent, and more importantly, that credit union members approve the merger if it advances to that stage.
The various credit unions said members will be provided additional details and information, including a chance to discuss the potential merger well in advance of any possible membership vote.