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.