Five Canadian CUs Pursue Plan To Combine Into One
Five credit unions in this province are seeking to merge into one. If approved, the five-Heartland CU, Prince Albert CU, CONEXUS CU, Moosomin CU, and Raymore CU-would create a $2 billion CU serving 109,000 members from 51 branches. Plans call for the merger to be complete by 2006.
Heartland CU Board resident Glenn Hepp told local media that the five partners have much in common, including similar values and a commitment to the communities and people they serve.
"That commitment will continue," said Hepp. "We all owe our success to the principles of democracy and member control. Members of each partner credit union will be represented on the board of the new credit union and all employees will have a place in the new organization."
Don Blocka, Prince Albert's Board president, said significant efficiencies of scale can be had in the merger. Members of each credit union will be voting on the merger proposal, respectively, throughout July and early August, with plans to proceed a short time later.