Published on: 1/28/2013 1:31:54 PM Print | Font Sizes:  Normal Text Large Text

Credit union amalgamation proposed

By: Northern Ontario Business staff

Two credit unions in northwestern Ontario have entered into discussions to merge by May 1.

If regulatory approvals are received, Copperfin Credit Union and Superior Credit Union expect to have their members vote in favour of “this growth opportunity” under the proposed name of Copperfin Credit Union.

The amalgamated credit union would serve 22,000 members at 10 branch locations, employ 104 staff and have $300 million in assets.

“Copperfin and Superior Credit Unions share the same vision of a strong, sustainable regional credit union that is differentiated based on its local orientation, quality of personalized service, and advice” said credit union Board chairs Simone Tarrant for Copperfin and Dave Moscall for Superior in a statement released Jan. 24.

“The two legacy credit unions operate in neighbouring communities without overlapping branches and have complementary management team skills and resources.

Combined, the two credit unions will immediately create a stronger and more robust organization” said Copperfin CEO Dennis Alvestad.

Superior Credit Union CEO, Allison Kasper called the merger “an excellent opportunity for the two credit unions that have the same vision for the future, to partner to build on combined strengths for the benefit of members, communities and staff. Our merger is all about growing for the future.”

Copperfin Credit Union has five branches in northwestern Ontario with more than 13,000 members, $200 million in assets and 62 employees.

Superior Credit Union has also five branches in the Thunder Bay area with more than 8,600 members, $100 million in assets and 42 employees.

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