The United Steelworkers Local 1-405 and Nelson and District Credit Union have ratified a new three-year collective agreement, retroactive to June 1.
In a joint news release issued Friday, Jeff Bromley, lead negotiator for the union, said he was pleased with the process.
"Given the fact our members went through a two-month strike three years ago, the committee was encouraged by the professionalism of the parties during this round of negotiations," he said.
"The unionized staff understands the financial pressures placed upon the credit union at this time, in spite of which they were still able to negotiate a fair wage increase and gain improved contract language."
The agreement includes a 6.5 per cent wage increase over three years, improved protection for bargaining unit work, the addition of a health care spending account and improved language for part-time workers.
Results of the union's ratification vote, held October 15, are not being released, but Bromley said it was passed by a "substantial majority" of the membership.
Credit union CEO Doug Stoddart said the board of directors unanimously approved the terms of the agreement Wednesday.
"The financial services industry is changing rapidly and I am pleased we could resolve this as quickly as we did," he said. "I commend all parties involved for their efforts in reaching a mutually beneficial agreement. Our employees are the key to our success and strive to provide excellent service our members know and expect. I look forward to the next three years."
Nelson and District Credit Union has over $180 million in assets and over 10,600 members throughout the Kootenays. It has branches in Nelson, Rossland, and Crawford Bay.