North Peace Credit Union members approve merger with Interior Savings

FORT ST. JOHN, B.C. — North Peace Savings and Credit Union (NPSCU) members have approved the proposed merger with Interior Savings Credit Union, with 82.7 per cent voting in favour earlier this month.

According to the credit union, the proposal needed a minimum of 67 per cent of members to vote in favour in order to move forward.

NPSCU said the merger will come into effect on July 1st, 2023 and will reportedly provide the credit union with the resources and scale to better serve its members.

The newly combined credit union will provide a network of 25 branches and 16 insurance locations to about 90,000 members between Fort Nelson to communities in the Thompson-Okanagan region.

While the credit union will now operate under the legal name of Interior Savings Credit Union, NPSCU said it doesn’t expect to immediately rebrand its branches, which will continue to operate under ‘North Peace Savings.’

NPSCU said integration planning is underway, but members will notice few immediate changes when it comes to their banking.

“North Peace Savings members can continue to bank as they normally would. As the credit unions work to integrate operations, they will keep members informed and work to minimize disruption as much as possible,” the credit union said in a release.

“By bringing our two well-established and values-based credit unions together, we can provide more affordable, competitive and innovative banking options to members, greater access to training and career development opportunities for employees, and increase our investment in our communities,” said Ted Pahl, chief executive officer of North Peace Savings and Credit Union.

Pahl added that he’s enthusiastic about NPSCU’s new $1 million Community Legacy Fund, which he said will “benefit important community programs and initiatives in the North Peace and Northern Rockies regions for years to come.”

Merger talks began between the two credit unions in 2021 after they noted common values and a shared commitment to preserving human connection in banking. Following approval from both boards of directors, the unions filed a case with B.C.’s Financial Services Authority (BCFSA) in December 2022.

BCFSA consented to take the proposal to members for a vote in April 2023.

For more information on the merged credit union, visit www.together-strong.ca.