Credit Union amalgamation process continues

Kootenay Savings is one of seven credit unions involved in an exploration of amalgamation.

Last fall, it was announced that seven credit unions across the Kootenay, Columbia Valley and Boundary regions of British Columbia were exploring an amalgamation. Columbia Valley, Creston & District, East Kootenay Community, Grand Forks, Heritage, Kootenay Savings and Nelson & District Credit Unions have been engaged in discussion around the design and potential of a new, united credit union.

The process is being driven by the rapidly evolving pace of the financial services industry, and the opportunity to share resources and expertise across the region.

There have been more than 60 people involved in the project, which is a first for Canada. An amalgamation between this many credit unions have never been done in Canada before.

In a media release, it was announced that the business case for the amalgamation is being finalized. Once that is done, it will be reviewed for approval by the Boards of Directors of each of the credit unions. If that approval occurs, an application for amalgamation will be referred to the Financial Institutions Commission of BC.

Also during this process, each partnering credit union will begin a formal consultation process with their members so their members will have the

opportunity to learn more about the proposed new credit union. Finally, every member of each participating credit union will be given a vote to approve the resolution approved by their Board of Directors.

This will be a lengthy process and will likely continued through 2018.

A website www.exploringstrengthandunity.ca has been set up to provide more information.

Last fall, Kootenay Saving CEO Brent Tremblay told the Bulletin that whatever the outcome of the exploration, there would be no job loss at either the corporate or branch level.

Just Posted

Jean Minifie named Lady of the Year by Beta Sigma Phi chapter

The Beta Sigma Phi chapter held a dinner on Tuesday, April 17… Continue reading

Benjamin Circus headed to Kimberley

The Great Benjamin Circus is coming to the Kimberley Civic Centre on… Continue reading

RCMP warn of CRA scams

Callers re often threatened with jail or deportation

MLA Report

Quarterly report from MLA Doug Clovechok

Kimberley will go the distance with cardboard boats

For the Bulletin Time to save your cardboard and unroll your duct… Continue reading

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Fire near Baynes Lake

On Sunday, April 22, a fire was discovered in the Baynes Lake area.

Dix says B.C. remains focused on fighting youth overdoses in wake of teen’s death

Elliot Eurchuk’s parents say he died at his Oak Bay home after taking street drugs

Final week for ALR input

Public consultation process closes April 30

‘When everybody leaves: Counselling key to help Humboldt move on after bus crash

Dealing with life after a tragedy can be the worst part following a loss

Half-naked shooter guns down four, runs away in Nashville Waffle House shooting

Nashville police say they are looking for Travis Reinking in connection with the shooting

Child’s body found in river downstream from where boy went missing during flood

Three-year-old Kaden Young was swept out of his mother’s arms in February

B.C. VIEWS: Eliminating efficiency for farm workers

Don’t worry, NDP says, the B.C. economy’s booming

Most Read