SYDNEY, Nova Scotia–Three credit unions here are seeking to merge, while also retaining some independence.
Members of Sydney Credit Union here, Bergengren Credit Union in Antigonish, and East Coast Credit Union in Dartmouth will be asked to approve a deal to amalgamate the trio of CUs in late October.
“These are three strong, successful credit unions,” Bob Coffin, CEO of the Sydney Credit Union, said in an interview with local media. “In fact, they’re three of the four largest credit unions in Nova Scotia and we are well-capitalized.”
If the members approve, the proposed merger will go before the Office of the Superintendent of Credit Unions for a decision in January of 2016. If approved, the new credit union would be the largest in Nova Scotia, with 23 branches, 280 employees, over 56,000 members and $800 million in assets.
“The decision was made to get together and create a bigger unit and that means it will be better for the members and for our employees,” Coffin said.
He said members will benefit from increased expertise and specialized services and employees will have greater advancement opportunities.
The boards of directors for the three credit unions unanimously decided to put the proposal before a membership vote.
The proposed name for the amalgamated credit union is East Coast Credit Union Ltd. ECCU’s current CEO, Ken Shea, would also lead the merged institution.
The three CUs said they would retain a decentralized model of management.