Members to vote after 3 Nova Scotia credit unions propose merger
East Coast Credit Union, Teachers Plus Credit Union and Valley Credit Union have 56,000 members
Three Nova Scotia credit unions have proposed a merger, which will be decided by a vote of their members next month.
East Coast Credit Union, Teachers Plus Credit Union and Valley Credit Union announced the proposal to their members and issued a joint news release on Tuesday.
The three credit unions have a combined membership of 56,000 people across 26 communities, the release said.
East Coast Credit Union is the largest of the three, with 42,000 members and $1 billion in assets.
Meanwhile, the Valley Credit Union has 11,000 members and $280 million in assets, and the Teachers Plus Credit Union has 2,800 members and $68 million in assets.
Members will decide with online vote in June
Members will be able to vote online between June 14 and June 29. For the merger to pass, two-thirds of each credit union would have to vote in favour.
According to a webpage dedicated to the proposed amalgamation, the boards for the three credit unions started discussing the idea last year. At the start of 2021, they commissioned the development of a business case.
Earlier this month, the three boards each approved the business case and agreed to recommend amalgamation to members.
If members vote in favour, the amalgamation would be made official on Jan. 1, 2022.
A similar merger of four credit unions was approved in Prince Edward Island earlier this year, in spite of public opposition from some members.