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Northern and Copperfin credit unions take next step toward merger

The new entity would retain the Northern Credit Union name.

THUNDER BAY — Two financial institutions based in Northern Ontario have taken a key step toward a merger.

Northern Credit Union and Copperfin Credit Union say they have successfully completed the due diligence phase of their talks, and are now working on the business case for regulatory approval of their proposed amalgamation.

In an announcement Monday, the two credit unions said their boards of directors are recommending a unified board for the new organization that will "meaningfully represent the combined size and scope of both entities."

The boards are proposing that the two existing CEOs continue to lead the new organization through the transition and beyond.

A joint committee that's been working on the merger is also recommending Northern Credit Union as the merged entity's name.

"We are excited about the possibilities that lie ahead as we move forward as the new Northern," said NCU president and CEO Richard Adam.

Copperfin CEO Dennis Alvestad said: "We look forward to the upcoming member vote and the prospect of embarking on this exciting new chapter together."

The two organizations have about 93,000 members between them, but Sault Ste. Marie-based Northern Credit Union is much larger, with about 75,000 members and branches in 24 communities.

Copperfin Credit Union serves Thunder Bay and Kenora, and is the largest locally-owned credit union in Northwestern Ontario.

The boards have established January 2025 as the tentative target date for the merger.

- TBnewswatch