Members Of East Coast and Heritage Credit Unions Vote In Favour Of Joining Forces
New East Coast Credit Union will create a significant credit union presence in Nova Scotia
Port Hawkesbury, N.S.(March 31, 2011) – The Members of East Coast Credit Union and Heritage Credit Union have voted in favour of amalgamation of 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.
Membership meetings were held on March 29th and March 30th at each Credit Union with the vote in favor of the amalgamation proposal at levels well above the 66 2/3 majority required. Pending the remaining regulatory approvals from the Superintendent of Credit Unions being received, the amalgamation, will take effect on the legal date of July 1st, 2011. This 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.
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.