The members of Northern Credit Union (Northern) and Saugeen Community Credit Union (Saugeen Community) have voted strongly to endorse joining their organizations.
The membership votes follow the completion of due diligence and recommendations to merge from the boards of directors at both organizations.
Beginning September 1, 2015, Saugeen Community will fall under the Northern umbrella, with operations continuing unchanged through the summer of 2016 when it is anticipated that a single operating model will be established.
“We value partnerships because we want to build a financially strong credit union that is committed to members and their communities across Ontario,” says Al Suraci, President and CEO of Northern. “Establishing partnerships with like-minded organizations in other regions of Ontario is an integral part of Northern’s long-term organizational vision.”
Through the proposed partnership, members will benefit from a larger balance sheet, enhanced technology and a robust financial services organization that combines knowledge, expertise and leadership.
“For Saugeen, this amalgamation means that our members will have a broader offering of financial products and services from which to choose and a larger geographic footprint,” says Wayne Cargoe, CEO of Saugeen Community.
When the transition is complete, the new organization will operate as Northern Credit Union and will exceed $1 billion in assets under administration. The combined membership will be over 60,000 with 30 branches across Ontario.
“As Saugeen Community brings strong ties to rural agricultural communities in Bruce and Grey Counties, its current head office in Durham will become the agricultural headquarters for the merged credit union,” says Suraci. “The corporate headquarters for the partnership will be located in Sault Ste. Marie.”