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FORT ST. JOHN, B.C. — A pair of BC-based credit unions have started discussing a possible merger.
The boards of North Peace Savings and Credit Union and Interior Savings Credit Union made the announcement on Tuesday.
According to a release, the two credit unions see potential in combing resources to better serve membership and staff.
“For the last number of months, we have been exploring options to ensure the long-term financial stability and viability of our Credit Union to best serve our members, staff, and community,” said Tracey Wolsey, NPSCU Board Chair.
“The Board of North Peace Savings and Credit Union is confident that a merger with Interior Savings Credit Union, a sizable, highly respected, and like-minded credit union that shares the importance we place on our community, our people, and the service we offer, will be a partnership that provides mutual benefits and will make us better together,” adds Wolsey.
The two financial institutions have signed a memorandum of understanding and are working on completing an assessment of the possible merger.
If both boards agree to the merger, the release said, members of both credit unions will be asked to vote on the decision. The boards will also seek a regulatory review and consent and competition bureau consent.
“As the assessment and due diligence progresses, members will be provided with periodic updates through regular member communication channels,” said the release.
The two credit unions have a combined 155 years in their respective communities.
Collectively, they could provide a network of 26 branch locations and 16 insurance locations, with approximately 90,000 members, spanning across 18 communities in the BC southern interior, Cariboo and Northeast BC.
“As the assessment and due diligence progresses, members will be provided with periodic updates through regular member communication channels,” the release said.
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