Seven Kootenay Region Credit Unions Continue To Explore Amalgamation

The seven peer group Credit Unions are holding their AGMs throughout the month of April

Representatives from the seven credit unions attending a December meeting to learn more about the amalgamation currently being explored. — Photo courtesy EKCCU

A collaborative and thorough process ensures that the proposed amalgamation is in the best interests of members and communities.

The seven credit unions exploring the combination of their operations to serve the needs of members and communities across the Kootenay, Columbia Valley and Boundary Regions of British Columbia have released an update on the next steps in their amalgamation process.

The seven partner credit unions have spent the winter engaged in discussions regarding the design and potential of a new, united credit union. The project is a massive undertaking and has involved more than 60 people including a 21-person steering committee and various management and staff working groups. An amalgamation between seven credit unions has never before taken place in Canada.

Currently, the seven credit unions are working together to complete the business case for the combined credit union. Once the business case is finalized, it will be reviewed for approval by the Boards of Directors for each of the seven credit unions. Once the business case is approved by the partner Boards of Directors, an application for amalgamation will be referred to the Financial Institutions Commission of BC (FICOM) for their consent. During this process, each partnering credit union will begin a formal consultation process with their members so their members will have the opportunity to learn more about the proposed new credit union.

The final stage of approval will be a vote by members of each participating credit union to approve a resolution recommended to them by their Board of Directors. It is expected that this entire process will continue through 2018.

The seven peer group Credit Unions are holding their AGMs throughout the month of April. Any members or staff with any questions are encouraged to attend their respective AGM. The following is a schedule for each Credit Union.

Columbia Valley Credit Union
Date: Thursday, April 19, 2018
Meeting Start: 7:00pm
Place: Golden Seniors Centre
Address: 1401 – 9th Street, South – Golden

Grand Forks Credit Union
Date: Thursday, April 19, 2018
Meeting Start: 7:00pm
Place: Grand Forks Credit Union
Address: 447 Market Avenue – Grand Forks

Heritage Credit Union
Date: Monday, April 23, 2018
Meeting Start: 7:00pm
Place: Castlegar and District Rec Centre
Address: 2101 6 Avenue – Castlegar

Kootenay Savings Credit Union
Date: Monday, April 23, 2018
Meeting Start: 6:00pm
Place: Trail Memorial Centre (Cominco Arena) gymnasium
Address: 1051 Victoria Avenue - Trail

Nelson and District Credit Union
Date: Tuesday, April 24, 2018
Meeting Start: 7:00pm
Place: The Adventure Hotel
Address: 616 Vernon Street - Nelson

Creston and District Credit Union
Date: Wednesday, April 25 2018
Meeting Start: 7:00pm
Place: Creston Room of Creston & District Community Complex
Address: 312-19 Avenue, North - Creston

East Kootenay Community Credit Union
Date: Friday, April 27, 2018
Meeting Start: 7:00pm
Place: Prestige Rocky Mountain Resort
Address: 209 Van Horne Street, South - Cranbrook

For more information about this initiative and the next steps, or to arrange a media interview, please refer to www.exploringstrengthandunity.ca where the contact information for the partnering credit unions can be found.