Seven credit unions throughout the Kootenays are considering amalgamating into one institution responsible for $2.2 billion in assets.
A formal business case should be ready this Fall, which could bring together Kootenay Savings, East Kootenay Community Credit Union, and five other establishments.
Kootenay Savings President and CEO Brent Tremblay says the area credit unions have worked together in the past.
“It came out of discussions we had as a large group as to what further collaboration opportunities are available,” Tremblay says. “An initial glimpse appears to be pretty viable and would create a lot of benefits. I think putting all of us together, amalgamating all of us together we could do some great things.”
He says no decision has been made yet, but their clients would have the final say.
“Ultimately, should the boards decide to make a recommendation, the ultimate decision would be made by the members of each individual credit union,” Tremblay says. “It would come down to a vote. So that would be sometime in 2018 should we proceed beyond the business case.”
Tremblay says if approved, a new credit union would be formed, serving 82,000 members with branches in Kimberley, Invermere, Fernie, Elkford, Cranbrook and Sparwood.
– Kootenay Savings Credit Union President and CEO, Brent Tremblay
– Jeff Johnson