Newfoundland and Labrador credit unions propose merger

Combined 17,000 members will vote to make final decision

Two western Newfoundland credit unions are considering joining forces.

Eagle River Credit Union and Leading Edge Credit Union proposed a merger to members that if approved, will create a combined credit union serving their members from 11 locations across the province.

According to a news release, 17,000 members of the two credit unions will make the final decision by casting their votes from June 14 until 3 p.m. on June 18 either in a local branch or online.

The merger requires approval from two-thirds of the membership of each credit union.

“With our combined locations, members will have greater access to financial services and expertise. Together, we have the opportunity to provide even more value to our members and local communities.,” says Shanti Samaroo, CEO of Eagle River Credit Union.

Formal notice of the meeting will be provided to members via email and their statements, said Credit Union officials. The boards of both credit unions unanimously agreed that a merger is in the best interests of the collective membership.

“This is good news for members,” said CEO of Leading Edge Credit Union, Cory Munden.

“By combining to create an even stronger credit union, we’ll be better positioned to handle the fast pace of change in the financial services industry, including the adoption of new digital technologies.”

Both Samaroo and Munden characterized the proposed merger as two equal partners coming together for the benefit of their members, staff, and the communities they serve.

For more information on the proposed merger, members can visit bettervalueforall.ca.