4 P.E.I. credit unions seeking feedback on potential merger

·1 min read
Two-thirds of members must approve a merger before it goes ahead. (Tony Davis/CBC - image credit)
Two-thirds of members must approve a merger before it goes ahead. (Tony Davis/CBC - image credit)

A proposal to merge four P.E.I. credit unions, which officials say would create the largest Credit Union in Atlantic Canada, is picking up steam.

The proposal would see the Provincial Credit Union joining with its counterparts Evangeline, Malpeque Bay and Tignish.

In total, 10 branches would be included, involving a total of 30,000 members and just under 150 employees.

Last fall, the organization announced the intention to merge the locations, and this month, a series of public meetings is planned to get feedback from members.

Alfred Arsenault, CEO of the Evangeline Central Credit Union, said the merger would increase efficiencies for staff and expand products for members, making it more competitive with banks.

"That's the desire that by becoming more efficient and effective, we should be in a position to be able to be a lot more competitive when it comes to either rates or even service charges. So that is definitely one of our objectives as a new credit union."

Members will have a chance to vote on the merger at the end of the month.

It needs approval from two-thirds of members to go ahead.

The merger would take effect Oct. 1 if approved.

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