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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Kelowna glider pilot crashes in the Columbia Valley

The Transportation Safety Board is investigating the circumstances of the crash

MP Morrison pushes for accountability following federal fiscal update

Kootenay-Columbia parliamentarian says it is time to restart the economy

RCMP confirm fatality in Bootleg Mountain biking accident

Kimberley RCMP have confirmed there was a fatality in a mountain biking… Continue reading

No serious injuries reported after head-on collision near Fort Steele

Traffic was stopped for several hours on Highway 93 while police investigated.

UPDATED: Interior Health to add 495 long-term seniors care beds

Nelson, Kelowna, Kamloops, Vernon and Penticton to receive new facilities

B.C. records 62 new COVID-19 cases, two deaths since Friday

Province has just over 200 active cases

Hotel rooms for B.C. homeless too hasty, NDP government told

Businesses forced out, but crime goes down, minister says

Wage subsidy will be extended until December amid post-COVID reopening: Trudeau

Trudeau said the extension will ‘give greater certainty and support to businesses’

B.C. government prepares for COVID-19 economic recovery efforts

New measures after July consultation, Carole James says

Tree planters get help with COVID-19 protective measures

Ottawa funds extra transportation, sanitizing for crews

Trudeau apologizes for not recusing himself from WE decision

He says his and his family’s longtime involvement with the WE organization should have kept him out of the discussions

Beverly Hills 90210 star’s family selling Vancouver Island Beach Resort

You can own Jason Priestley’s Terrace Beach Resort in Ucluelet for less than $5 million

Islanders want BC Ferries to follow order that lets residents board before tourists

For ferry-dependent communities, ferries are often the sole practical lifeline to work, school or medical appointments.

Most Read