BREAKING NEWS – East Coast and Heritage Credit Unions Join Forces
New East Coast Credit Union will create a significant credit union presence in Nova Scotia
Port Hawkesbury, N.S.(March 7, 2011) – The Boards of Directors of East Coast Credit Union and Heritage Credit Union have agreed to amalgamate their respective organizations, which will create a significant credit union presence in Nova Scotia with 30,000 Members and $ 310 million in assets under management.
If approved by the membership of both credit unions by the end of March, and required regulatory approvals are received, the amalgamation will position East Coast as the largest credit union in Nova Scotia and a leader in the provincial co-operative movement.
The amalgamation includes all 13 East Coast Credit Union branches and all 7 Heritage branches. All 20 branch locations would be maintained and there would be no staff layoffs.
“This is good news for members of both East Coast and Heritage Credit Union as well as the credit union movement in Nova Scotia. We will have additional resources to improve products and services to our members and offer Nova Scotians an increasingly competitive, co-operative option for mortgages, loans, wealth management and other financial services.” Don Pottie, Chair of East Coast’s Board of Directors, said.
“We believe that this provides two strong organizations the opportunity to take better advantage of their collective strengths to enhance service to members. It is about taking advantage of the skills already within these two organizations and utilizing them to deliver better long term results for our stakeholders. We believe that joining forces with East Coast and creating the new East Coast Credit Union is in the long-term interests of our employees, members and stakeholders,” Heritage Credit Union Chairman of the board, John Peach, said.
As credit unions, both East Coast and Heritage Credit Union are owned by their members, who must vote on the proposed amalgamation. The final results of the East Coast vote will be known on March 29, 2011 and the Heritage Credit Union vote on March 30, 2011.
The amalgamation agreement will further strengthen the co-operative movement in Nova Scotia. It underscores the commitment both share as credit unions to providing a true, community based financial services alternative to their respective Members and future Members.