Proposed East Coast Credit Union merger doesn’t get member approval

East Coast Credit Union (CNW Group/East Coast Credit Union)

ANTIGONISH: A potential merger between the East Coast Credit Union and two of its sister unions didn’t go through as planned.

In May, the East Coast Credit Union, along with the Teachers Plus Credit Union, and the Valley Credit Union, proposed a merger to its members that would see the three bodies join under the banner of the East Coast Credit Union.

“We asked. Our members spoke,” the East Coast Credit Union said following a membership vote that wrapped up on June 29. “As a result, the amalgamation will not proceed as planned.”

While Teachers Plus Credit Union and Valley Credit Union’s members voted in favour of the amalgamation; East Coast Credit Union did not earn the two-thirds support from their members to proceed.

The combined Credit Union was proposing to continue to be a community-focused financial institution putting the needs of individuals, families, the Nova Scotia teaching community, and small businesses first.

“An amalgamation between our credit unions helps to ensure local banking services and solutions remain a competitive and accessible choice for the communities we serve,” they indicated when announcing the potential move.

The merger was supposed to produce a Credit Union with 56,000 members, $1.25 billion in assets, and would have 270 employees working in 26 community branches.

“We remain committed to looking for opportunities to create more value for our members, our credit unions, and the communities we serve,” the East Coast Credit Union said. “We will continue to put members’ needs first and deliver the valued services they expect.”