Northern Credit Union Announces Merger Plans
Sault Ste. Marie, ON (March 7, 2014) — Northern Credit Union (Northern) today announced that discussions are underway with Saugeen Community Credit Union
(Saugeen) and Espanola and District Credit Union (Espanola) with the goal of merging the three credit unions by the summer of 2015.
Details of the merger will be finalized in early 2015, followed by a vote on the proposal by the respective membership of the three credit unions.
Operating as Northern Credit Union, the new entity will have approximately $1 billion in assets under administration and serve a combined membership of more than 65,000. As there is no geographical overlap, the intent is that all 32 branches of the combined organization will continue to operate.
“Northern, Espanola, and Saugeen share the same philosophy,” says Al Suraci, Northern’s CEO. “We believe in being partners with our members and our communities, we invest in the success of local business, we create jobs where our members live and work, and we’re proud of where we come from. It’s a natural partnership.”
In 2010, Northern Credit Union launched a 10-year strategic vision that has meant significant investments in its people, operations, technology, culture and brand. With this merger, Northern takes the first step in establishing partnerships with complementary organizations in other regions of Ontario, an integral part of Northern’s organizational vision through to 2020.
That vision has resonated with Lindsay Liske, CEO of Espanola and District Credit Union. Through a competitive process with a number of credit unions, Espanola chose Northern Credit Union to be their merger partner.
“We like the direction Northern Credit Union is taking,” says Liske. “Commitment to community is Espanola’s strongest asset and we see that same dedication in Northern and Saugeen.”
Saugeen Community Credit Union brings to the mix strong ties to rural agricultural communities in Bruce and Grey Counties. Because of these relationships and Saugeen’s expertise, their current head office will become home base for the new organization’s agricultural business.
“Our long-term approach has always been to remain open to new opportunities for expanding the expertise we can offer our members,” says Wayne Cargoe, Saugeen’s CEO. “Through this amalgamation, our members will have access to a broad range of financial products and services that we’ve not been able to offer them before.”
“We’re building a credit union that will serve communities across the province,” says Suraci. “We want Northern Credit Union to be the financial institution of choice across our Ontario footprint.”