Members approve merger of Northern and Saugeen credit unions to form a billion-dollar organization
Sault Ste. Marie, ON (June 24, 2015) — The members of Northern Credit Union (Northern) and Saugeen Community Credit Union (Saugeen Community) have voted strongly to endorse joining their organizations.
The membership votes follow the completion of due diligence and recommendations to merge from the boards of directors at both organizations.
Beginning September 1, 2015, Saugeen Community will fall under the Northern umbrella, with operations continuing unchanged through the summer 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 in other regions of Ontario 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 Saugeen, 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 Wayne Cargoe, CEO of Saugeen Community.
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 30 branches across Ontario.
“As Saugeen Community brings strong ties to rural agricultural communities in Bruce and Grey Counties, its current head office in Durham will become the agricultural headquarters for the merged credit union,” says Suraci. “The corporate headquarters for the partnership will be located in Sault Ste. Marie.”
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 23 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 Saugeen Community Credit Union
In 1952, a group of individuals seeking an alternative to the chartered banks received provincial approval to open a member-owned credit union in Durham, Ont.
Since that time the name Durham Credit Union has been changed to Saugeen Community Credit Union to better reflect the branch network located in the Saugeen watershed of Grey and Bruce Counties. Saugeen Community Credit Union has four branches serving the Grey Bruce area of Ontario, as well as a corporate office in Durham. For more information, visit www.saugeencreditunion.com