One of the credit unions is Kootenay Savings in Kimberley. Bulletin file.

Kootenay, Columbia Valley and Boundary region credit unions proceed with merger plans

Next step is regulatory application for consent to present merger to members

In the fall of 2017, it was announced that credit unions across the Kootenay, Columbia Valley and Boundary regions were exploring an amalgamation.

Columbia Valley, Creston & District, East Kootenay Community, Grand Forks, Heritage, Kootenay Savings and Nelson & District Credit Unions began discussion around the design and potential of a new, united credit union.

READ MORE: Credit union amalgamation proceeds

After discussing the opportunities and risks associated with the merger, six of the Boards have agreed to move forward with the next step in the process.

Creston and District Credit Union is no longer among the financial institutions listed as going forward.

The next step is an application to regulator (FICOM) seeking consent to present the merger question to members.

In a press release, the credit unions announced that FICOM will conduct an in-depth review of the merger business case. Should FICOM provide their consent, each of the six credit unions will proceed with a membership vote to determine if members support the merger.

“This is an important and significant milestone in our merger journey,” said Michael Strukoff, designate Chair of the Board for the Exploring Strength and Unity merger initiative. “It demonstrates the commitment of the Boards of Directors and management teams of the six credit unions to the benefits and opportunities a merger would bring to our members, employees and communities.”

It is important to note that no merger is possible without the approval of members. Should FICOM give their consent and members be asked to vote on a merger, members will be provided more details, information and the chance to engage in conversation about the potential merger in the coming months, well in advance of any membership votes.

Information provided by Exploring Strength and Unity states that one of the principles adopted by the six Boards is that any combined new credit union must have the capacity to employ all current employees.



carolyn.grant@kimberleybulletin.com

Like us on Facebook and follow us on Twitter

Just Posted

It happened this week in Cranbrook: 1912

Aug. 11 - 17: Compiled by Dave Humphrey from the newspapers at the Cranbrook History Centre and Archives

Kootenay Orienteering Championships coming to Kimberley, Cranbrook

The championships take place from September 6 to 8, 2019.

Local rowing club comes up big at Nelson Sprints Regatta

The Rockies Rowing Club saw multiple members have positive results at the annual regatta

City gets $100K grant for improving National Disaster Mitigation Program

The City of Cranbrook successfully applied for and has been awarded a… Continue reading

Family on way to a wedding when girl, 4, killed in crash near Creston

The Alberta family was travelling through B.C. for a wedding when their RV was in a serious collision

Fashion Fridays: How to dress and feel powerful

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Discussion on grief and loss between Stephen Colbert, Anderson Cooper goes viral

The exchange includes emotional question from Cooper, and outlook on grief as a child

Toronto activist calling on federal parties to nominate more black candidates

Fewer than 20 black Canadians have been nominated so far, including some Liberal MPs seeking re-election

Portland, Oregon, awaits right-wing rally, counter protests

Patriot Prayer’s Joey Gibson surrendered Friday on an arrest warrant for felony rioting

Kraft Heinz brand baby food recalled in B.C. due to possibility of insects

The Canadian Food Inspection Agency says the product should not be consumed

First Nations women finally to be treated equally under Indian Act: Bennett

Canadian Feminist Alliance for International Action thanked the feds

Helicopter-riding dog Mr. Bentley now featured on cans of new B.C.-made beer

Partial proceeds from every pack go to Children’s Wish

‘Easy Rider’ star Peter Fonda dies at 79

Actor and writer was nominated for an Oscar for co-writing the 1969 psychedelic road trip movie

Bob Lenarduzzi out as Vancouver Whitecaps president

MLS team is at the bottom of the Western Conference standings

Most Read