THUNDER BAY — Two credit unions in Northern Ontario have taken an important step toward a proposed merger.
The province's Financial Services Regulatory Authority has given Northern Credit Union and Copperfin Credit Union approval to combine their operations.
This clears the way for members of the two organizations to vote on whether they want to proceed with the merger.
Voting will begin online on June 3.
For each ballot that's cast, the credit unions promise to donate one dollar to support organizations that combat food insecurity.
"This is a pivotal moment in our merger journey, where members from both credit unions will have the opportunity to exercise their democratic rights and influence the course of the future of our organizations," NCU president Richard Adam said in a statement Wednesday.
The credit unions previously indicated they hope to complete the amalgamation process by January 2025.
Adam and Copperfin CEO Dennis Alvestad will share the top job supported by what they describe as a more geographically diverse board of directors.
The organizations' leaders have stated that a partnership will create economies of scale, increase their ability to invest in new technology and services, and provide access to a larger branch network.
Northern Credit Union, headquartered in Sault Ste. Marie, has over 75,000 members across Northern Ontario, while Northwestern Ontario-based Copperfin has about 18,000 members.
Combined under the Northern Credit Union banner, they will have almost $2.5 billion in assets.
