Atlantic Credit Unions Gather in Halifax for First Regional AGM

(HALIFAX, Nova Scotia) For the first time in history, credit unions from New Brunswick, Prince Edward Island, Newfoundland and Labrador, and Nova Scotia will come together under one roof for the first Atlantic Central Annual General Meeting, held April 7-9, 2011 at the Westin Nova Scotian Hotel.

On January 1, 2011, the credit union centrals in New Brunswick, Prince Edward Island and Nova Scotia joined together in a business combination to form Atlantic Central. Atlantic Central provides services to its member credit unions including liquidity, payments processing, risk management and trade association services.

The 62 independent credit unions in the region will gather to discuss system-wide governance issues, as well as topics of mutual interest including corporate social responsibility, the mortgage market, changing demographics and economic trend and business continuity planning.

The credit unions represented under Atlantic Central cover a wide gamut, from small community and industrial credit unions to large, multi-branch credit unions serving many communities. For instance, there’s the Electric Employees Credit Union with 72 members, based in Albert Bridge, Cape Breton—it dates back to 1933 and was the second credit union established in Nova Scotia. And then there are credit unions like East Coast Credit Union in northeastern Nova Scotia, with 13 branches and over 16 thousand members; or Bayview Credit Union in New Brunswick with seven branches and over 27 thousand members. There are credit unions with long, rich histories, like Central Credit Union in PEI, which was incorporated in 1969 after the amalgamation of four smaller credit unions dating back to 1937. And credit unions that have made tremendous impact despite a shorter lifespan, like Eagle River in Newfoundland and Labrador, which was founded in 1984 but since 2002 has won two Community Economic Development Awards.

What the credit unions share is a commitment to offering their members professional financial services and all the benefits of ownership, plus a dedication to the communities they serve and the local economy. In 50 communities across the region, credit unions are the only financial institution.

Atlantic Central’s member credit unions serve 340,000 members and manage nearly $3.8 billion in combined assets.

The weekend also includes the Atlantic Credit Unions’ Youth Forum and the League Savings and Mortgage Company Annual General Meeting. League Savings and Mortgage is a company within the Atlantic Central umbrella.