Lahave River Credit Union and East Coast Credit Union
In 1955, the Lahave River Credit Union was founded by community members who wanted a better way to support each other and their local community that couldn’t be achieved through traditional banks. Decades later, the Bridgewater-based credit union continues to explore new and better ways to meet its members needs. “We are in a high growth community, and we want our credit union to grow with it,” says John Vissers, chair of the board of directors, long- time credit union member and owner of Vissers Farm Limited, a well-established poultry farm in Newcombille.
In 2022, Vissers says the board of directors invited proposals from other Nova Scotia credit unions to join forces after being
unable to recruit a new CEO. After a rigorous selection process, East Coast Credit Union was chosen. Since January, East Coast has been providing management services. “The staff give them high praise,” Vissers says. “Being part of a larger team, they have had in-house training to be able to serve members better and are supported by specialists in areas like IT. It’s been an excellent experience.”
Andrew Caines first joined the Lahave River Credit
Union as a board member in his mid-20s. Caines is now the assistant manager and has seen firsthand how members’ needs have changed over the years. “They want better fees and better rates than they can find at a traditional bank. They also want to be able to bank online and use their mobile phones for transactions,” Caines says.
A local serial entrepreneur, Darren Young has been a lifelong member of the Lahave River Credit Union. “I like that it’s personal and the staff know me and my businesses. That is something you don’t often find at a traditional bank.”
Over the years, Young and his sister owned and operated Bluenose RV and Fresh Cuts Market. After selling both, Young promised he would start a business with his son and Young’s RV was born. Young was set to leave the credit union until he learned of plans to merge with East Coast Credit Union. “East Coast offers better rates than the big banks. They also have the technology and support that I need to be able to quickly pay my suppliers and staff online so I can work on other areas of my business.”
Young is not the only one who sees the merger as a positive step forward. Caines says other members approach staff to ask how they feel about it. “When they hear us talk about East Coast Credit Union, they are overwhelmingly positive,” Caines says. “East Coast has 18 branches, many in rural locations and smaller than ours. They give back 10 per cent of their profits to the community and they’re thriving.”