The Heritage Credit Union in Greenwood makes donations to community groups throughout the year. Pictured, making a donation to the Greenwood Municipal Pool. (Submitted)

Heritage Credit Union explores amalgamation

The local credit union is considering a partnership to create a regional credit union.

Seven local credit unions are considering a potential amalgamation.

Credit unions in the Kootenay, Boundary and Columbia Valley regions announced last week that they have begun exploring the process of amalgamating to create one credit union. The credit unions considering the proposal are the Grand Forks and Heritage Credit Unions in Grand Forks and Greenwood respectively, as well as the Columbia Valley, Creston and District, East Kootenay Community, Nelson and District and Kootenay Savings credit unions.

The Heritage Credit Union has three branches, one each in Castlegar, Greenwood and the Slocan Valley.

The discussion was launched a year ago, and the credit unions are expecting to have a business case completed this fall. Should that union be accepted by the various boards, the new amalgamated credit union would move ahead subject to member and other regulatory approvals.

”The partner credit unions, Columbia Valley, Creston, East Kootenay, Grand Forks, Heritage, Kootenay and Nelson, are excited about the potential of this project and see enormous benefits for their members, staff and communities,” the press release notes.

Right now the credit unions are preparing business cases examining risk and opportunity. Members will receive detailed information prior to voting on the amalgamation. If not all seven unions sign on, the business case will be adapted to remaining partners.

According to the press release, a combined credit union would serve 82,000 members in 22 communities through 24 branches.

Just Posted

Boundary District Arts Council folds amid financial questions

The last board took over in November and could not find receipts for $8,000 in spending

Annual Columbia Basin Culture tour coming up Aug 10 and 11

There are locations across the region participating

Grand Forks mulls in-kind options to support flood buyout residents

Staff estimate a $6.6 million difference between pre and post-flood value for Grand Forks buyouts

MP warns of scam after catching Facebook Messenger imposter account

Wayne Stetski issues warning about an imposter messenger account that is using his profile photo

Grand Forks mulls in-kind options to support flood buyout residents

$6.6 million difference between pre and post-flood value for Grand Forks buyouts

Joaquin ‘El Chapo’ Guzman sentenced to life in prison

Experts say he will likely wind up at the federal government’s Supermax prison in Florence, Colorado

Olympic softball qualifier gets $150K boost from provincial government

2019 Americas Qualifier to be held in Surrey from Aug. 25-Sept. 1

Gas price inquiry questions Trans Mountain capacity, company denies collusion

The first of up to four days of oral hearings in the inquiry continue in Vancouver

‘Benzos’ and fentanyl a deadly cocktail causing a growing concern on B.C. streets

Overdoses caused by benzodiazepines can’t be reversed with opioid-overdose antidote naloxone

Will you be celebrating national hotdog day with any of these crazy flavours?

The popularity of hotdogs spans generations, cultures

Former home of accused Penticton shooter vandalized

Ex-wife of man who is accused of murdering four people had her house vandalized

Survivor of near-drowning in B.C. lake viewing life through new eyes

“If I died that day, the baby wouldn’t know his dad,” said 31-year-old Mariano Santander-Melo.

‘Beyond the call’: Teen in police custody gets birthday surprise by B.C. Mountie

Unusual celebration started when Staff Sgt. Paul Vadik went to visit the teen in his Coquitlam cell

Thunderstorms forecast across B.C.

Environment Canada has issued a thunderstorm watch for B.C.’s central Interior

Most Read