Members approve merger of Northern and Espanola & District Credit Unions to form a Billion Dollar Organization
Sault Ste. Marie, ON (November 5th, 2015) —The members of Espanola & District Credit Union (Espanola) have voted strongly to endorse joining the largest financial service cooperative in the North.
The membership vote followed the completion of due diligence and recommendations to merge from the boards of directors at both organizations.
Contingent upon a change to the By-Laws of Northern Credit Union that would increase their Board of Directors by one member to provide a voice for Espanola, beginning January 1, 2016, Espanola & District Credit Union will fall under the Northern umbrella. The plan is for operations to continue unchanged through the fall of 2016 when it is anticipated that a single operating model will be established.
“We value partnerships because we want to build a financially strong credit union that is committed to members and their communities across Ontario,” says Al Suraci, President and CEO of Northern. “Establishing partnerships with like-minded organizations across our northern Ontario footprint is an integral part of Northern’s long-term organizational vision.”
Through the proposed partnership, members will benefit from a larger balance sheet, enhanced technology and a robust financial services organization that combines knowledge, expertise and leadership.
“For Espanola, this amalgamation means that our members will have a broader offering of financial products and services from which to choose and a larger geographic footprint,” says Lindsay Liske, CEO of Espanola & District Credit Union.
When the transition is complete, the new organization will operate as Northern Credit Union and will exceed $1 billion in assets under administration. The combined membership will be over 60,000, with 32 branches across Ontario.
About Northern Credit Union
Northern Credit Union is a full-service, locally operated financial institution, offering personal and commercial products and services, and financial planning expertise to more than 55,000 member shareholders.
Serving 27 communities, Northern is committed to educating members in financial literacy and providing tools to achieve financial goals. For more information, please visit www.northerncu.com
About Espanola & District Credit Union
Espanola is a long established credit union, formed in 1959 and located in the Town of Espanola and Manitoulin Island. Espanola today offers convenient access across the North Shore reflecting a branch network of three branches located in Espanola, Little Current and Mindemoya. For more information, visit www.espanolacu.com