CHARLOTTETOWN, P.E.I.–Members of four credit unions here have voted in favor of merging into one CU.
Members of Évangéline-Central, Malpeque Bay, Provincial and Tignish credit unions approved the combination, which will create a network of 10 branches across the province.
"It's a project we've been working on now for over a year, and we're extremely pleased to be able to have the unanimous support of our four memberships. [There's] a lot of energy around the building today and a lot of energy within the credit unions here on P.E.I. for sure," Évangéline-Central Chief Operating Officer Craig Noonan said in a statement. "We've kind of reached a point where we were ready to formalize that partnership."
The new credit union will have more than 35,000 members and hold $1 billion in assets, according to a released statement that says the combination will also need to new products and services.
Some Opposition Raised
The merger proposal was not without its opponents. A group of members of Tignish Credit Union, including former board members, had earlier spoken out against the deal, arguing they were losing “local control.”
The voting process took two weeks and in the end members voted in favor.
"I'm hoping that in the future, as they see things evolve, they will see a whole lot of change," Noonan said. "There were some voices who had some concern, but I think all of our boards and all of our staff and all of our membership collectively really made their voices heard in terms of showing their support. This is a positive step and that is going to be a historic milestone in terms of credit unions on Prince Edward Island."
The credit unions said they will soon launch a search for a new CEO and will also be looking to rebrand the combined CUs under a new name.
The official date of the merger is Oct. 1.