CAPE BRETON, Nova Scotia–Two credit unions here have merged and formed a new organization under a new name.
Coady Credit Union in Glace Bay and the Steel Centre Credit Union in Sydney are now Cape Breton Credit Union, which has a combined 5,800 members.
"We were a good fit," new CEO Gary Forsey told CBC.com. He said the two branches of the CU will remain open.
He told CBC.com preliminary discussions about a possible amalgamation revealed it would be more efficient to combine forces and eliminate duplication of services. But the most important reason to amalgamate was to be able to successfully compete in the "very competitive" financial services market, Forsey told the publication.
"Everybody is involved in financial services. And we have to stand out amongst them because we are not involved in other areas of business. This is all we do. We have to do it very well," he said.
Forsey said a major advantage of creating a larger operation is to be able to afford the latest technology.
"The electronic services, payments, and online services are very expensive, so we have to be a little bigger to be able to afford them comfortably," he told CBC.com.
There will be no job losses as a result of the amalgamation, said Forsey.