Four P.E.I. Credit Unions are in talks to merge.

In a new release Thursday morning the credit unions said the organization is considering combining the Évangéline-Central Credit Union, Malpeque Bay Credit Union, Provincial Credit Union, and Tignish Credit Union.

The merger would create the largest Credit Union in Atlantic Canada, the release said.

That credit union would have assets nearing $1.1 billion, 147 staff and 10 branches, said David Chapman, chief marketing officer with P.E.I. Credit Unions.

"We expect this one new credit union will offer a wider range of products and services. It will provide more opportunities for our staff and of course new support to our community that we live and operate in every day," said Chapman.

Souris, Consolidated (Summerside) and Morell credit unions elected not to participate in the potential merger.

The initiative to combine the four credit unions into a single credit union is being led by the P.E.I. Credit Unions' board of directors.

Members will have the final say on whether the merger goes ahead. If approved, members will be able to vote on the merger in the spring of 2021.

Members can learn more about the potential merger by visiting their credit unions' website.