One of the credit unions is Kootenay Savings in Kimberley. Bulletin file.

Kootenay, Columbia Valley and Boundary region credit unions proceed with merger plans

Next step is regulatory application for consent to present merger to members

In the fall of 2017, it was announced that credit unions across the Kootenay, Columbia Valley and Boundary regions were exploring an amalgamation.

Columbia Valley, Creston & District, East Kootenay Community, Grand Forks, Heritage, Kootenay Savings and Nelson & District Credit Unions began discussion around the design and potential of a new, united credit union.

READ MORE: Credit union amalgamation proceeds

After discussing the opportunities and risks associated with the merger, six of the Boards have agreed to move forward with the next step in the process.

Creston and District Credit Union is no longer among the financial institutions listed as going forward.

The next step is an application to regulator (FICOM) seeking consent to present the merger question to members.

In a press release, the credit unions announced that FICOM will commence its in-depth review once all required application documents have been submitted to the regulator. Should FICOM provide their consent, each of the six credit unions will proceed with a membership vote to determine if members support the merger.

“This is an important and significant milestone in our merger journey,” said Michael Strukoff, designate Chair of the Board for the Exploring Strength and Unity merger initiative. “It demonstrates the commitment of the Boards of Directors and management teams of the six credit unions to the benefits and opportunities a merger would bring to our members, employees and communities.”

It is important to note that no merger is possible without the approval of members. Should FICOM give their consent and members be asked to vote on a merger, members will be provided more details, information and the chance to engage in conversation about the potential merger in the coming months, well in advance of any membership votes.

Information provided by Exploring Strength and Unity states that one of the principles adopted by the six Boards is that any combined new credit union must have the capacity to employ all current employees.



carolyn.grant@kimberleybulletin.com

Like us on Facebook and follow us on Twitter

Just Posted

October is Plastic Free Month in Nelson

City will examine its own plastic use and encourage public to do the same

Fundraiser set for Fastlane to Paradise

The new local show’s fundraiser is Sept. 21 at Finley’s

Don Currie, local athletes win medal haul at 55-plus B.C. Games

Slocan’s Currie took home seven gold medals in track and field

VIDEO: Grad classes separated by 65 years find shared hopes, fears

The Nelson High School class of 1954 met with current L.V. Rogers Grade 12 students

Defense says burden of proof not met in double murder case against Victoria father

Closing statements begin in trial for man accused of killing daughters Christmas 2017

B.C. dog breeder banned again after 46 dogs seized

The SPCA seized the animals from Terry Baker, 66, in February 2018

Surrey mom allegedly paid $400,000 for son in U.S. college bribery scam

Xiaoning Sui, 48, was arrested in Spain on Monday night

B.C. population on pace to fall behind Alberta

Provincial population could reach almost seven million in 2043, but Alberta is growing faster

Three dogs found shot dead in Prince George ditch

The three adult dogs appeared to be well cared for before being found with gunshot wounds, BC SPCA says

B.C. party bus company to be monitored after 40 intoxicated teens found onboard

Police received tip teens and young adults were drinking on party buses and limousines in Surrey

Rick Mercer calls out Conservative candidate in B.C. for fake meme

‘Not true. All fake. Please Stop,’ tweeted Rick Mercer in response

Bear killed in Kimberley after chasing girl, wreaking havoc on town

This particular brown-coloured bear has been the subject of many calls this summer; very food habituated, CO says

Most Read