Two Canadian credit unions have kicked off the new year with a merger, as Coady CU in Glace Bay and Steel Centre CU in Sydney joined forces to form Cape Breton Credit Union.
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"Everybody is involved in financial services," said Gary Forsey, CEO of the new credit union. "And we have to stand out amongst them because we are not involved in other areas of business. This is all we do. We have to do it very well." Forsey said the two institutions also have similar organizational cultures, which aided the merger process.
One benefit that is expected as a result of the alliance is an increased budget for technology – a must for institutions hoping to grow and attract new members.
"The electronic services, payments and online services are very expensive, so we have to be a little bigger to be able to afford them comfortably," Forsey told the CBC. Among the changes on the horizon are the addition of a drive-thru ATM at one branch. None of the credit union's 23 employees are expected to lose their jobs, though some job descriptions will be changing.
