Seven district credit unions in the Kootenay-Boundary area are moving into the next stages of combining.
A recent news release says the credit unions are currently working together to complete the business case for the combined credit union. Once the business case is finalised, it will be reviewed for approval by the Boards of Directors for each of the seven credit unions. Pending the boards’ approval the next step is an application for amalgamation which will be sent to the Financial Institutions Commission of BC.
The seven credit unions that are involved in the project are: The Creston & District Credit Union, Columbia Valley Credit Union, East Kootenay Community Credit Union, Grand Forks Credit Union, Heritage Credit Union, Kootenay Savings, and Nelson & District Credit Union. They’ve been working together to create a united credit union since last fall.
The release goes on to say that the final stage of approval will be a vote by members of each participating credit union to approve a resolution recommended to them by their Board of Directors. The partners expect the entire process to continue throughout 2018.
The Creston & District Credit Union refused an interview request.