FALL RIVER, Nova Scotia–For the second time in 2021, multiple credit unions in Canada’s maritime provinces are looking to consolidate.
The latest proposed combination includes three Nova Scotia CUs seeking to become one. A member vote has been scheduled for June. Two thirds of the members of each credit union would need to vote in favor for the combination to move forward.
Seeking to merge are East Coast Credit Union, Teachers Plus Credit Union and Valley Credit Union. The three credit unions have a combined membership of 56,000 people across 26 communities, according to a released statement.
East Coast Credit Union is the largest of the three, with 42,000 members and $1 billion in assets. Valley Credit Union has 11,000 members and $280 million in assets, and the Teachers Plus Credit Union has 2,800 members and $68 million in assets.
New Webpage
According to a webpage dedicated to the proposed amalgamation, the boards for the three credit unions began discussion such a merger in 2020. At the start of 2021, they commissioned the development of a business case.
Earlier this month, the three boards each approved the business case and agreed to recommend amalgamation to members.
If members vote in favor, the merger would be made official on Jan. 1, 2022.
As CUToday.info earlier reported here, members of four credit unions on Prince Edward Island recently voted in favor of merging.