The seven credit unions that encompass the Kootenay, Boundary and Columbia Valley regions of British Columbia are taking the opportunity ahead of this year’s Oct. 19, 2017, Credit Union Day to share exciting news.
The partner credit unions have embarked on a process to explore the benefits of creating a single credit union to serve the needs of members and communities across the three regions. This initiative is an example of cooperation among cooperatives with the seven organizations working together for the mutual best interests of their collective members.
The seven partners launched discussions one year ago to respond to the question, “Would our members, employees and communities be better off if we were to combine our resources, talents and opportunities?”
Moving from a conceptual design that was finalized in August, the seven credit unions have now embarked on a formal business case that is expected to be completed this fall. If the business case is recommended by the boards, the new credit union will move ahead in 2018 subject to membership and regulatory approvals.
The partner credit unions, Columbia Valley, Creston, East Kootenay, Grand Forks, Heritage, Kootenay and Nelson, are excited about the potential of this project and see enormous benefits for their members, staff and communities.
If the combined credit union proceeds it will serve the needs of 82,000 members in 22 communities, through 24 branches. On behalf of their members, the combined credit union will manage $2.2 billion in assets.
