The North Shore Credit Union could move a little further inland this week if merger talks with Abbotsford-based Prospera Credit Union are successful.
The merger talks were announced on Wednesday, and could result in the creation of B.C.’s third largest credit union with a combined $4 billion in assets, 28 branches from Whistler to Vernon, roughly 100,000 members and 800 employees.
“We have very similar business philosophies and plans for future growth,” said NSCU president and CEO Chris Catliff. “This is potentially a huge win for both our members and our employees, and an exciting new financial choice for people across the province.”
Both organizations have signed a letter of intent that would allow for the merger, once all due diligence is completed. The final decision will be made by the members in a vote, which is expected to happen in September 2007.
The name of the merged credit union will be Prospera Credit Union, and Chris Catliff would head up the organization. As well, Catliff will oversee the Merger Task Force that will look at both credit unions to make sure the merger goes as smoothly as possible.