Members of four Island credit unions have voted in favour of merging to create a new amalgamated financial institution.
In the fall of 2020, the four credit unions of Évangéline-Central Credit Union, Malpeque Bay Credit Union, Provincial Credit Union and Tignish Credit Union announced they were exploring a potential merger. The boards of all the credit unions involved voted unanimously in May 2020 to recommend the merger to members and in-branch voting was open from April 14-28, 2021.
“The merger of these four credit unions will create an even stronger, more competitive credit union positioned to better serve members and our communities and increase revenue growth,” said Alfred Arsenault, CEO of Êvangéline-Central Credit Union, in a press release issued on April 29. “We are excited for our future and all of the possibilities and opportunities to serve our members with new products and services.”
According to the press release, the new credit union, which is yet to be named, holds more than $1 billion in assets and will serve more than 35,000 members across the Island. The new credit union will have a network of 10 branches across Prince Edward Island, ‘strengthening enhanced access to online and mobile banking services, introducing new and improved banking products and services for individual and local businesses, and providing better access to specialized expertise’.
“Our merger builds on our tradition of a strong cooperative culture in PEI to provide communities with continued investment and support that make our communities stronger for everyone,” said Mr Arsenault. “We are delighted with this outcome and would like to thank all of the members who voted and who took the time to talk to us in the branches, attend community information sessions and visit our website to help inform their vote.”
The release goes on to say the transition will start in the coming days with the search for a new CEO as well as the process for determining the name of the new credit union.
The official date of the merger is October 1, 2021.
On social media, the Tignish Credit Union thanked their members for their participation and support through the consultation and voting process.
“We’re delighted members voted in favour of the merger, seeing the benefits and opportunity we have to be Stronger for Members, today and tomorrow,” said the post.