Milestone Reached on Proposed Merger with Interior Savings Credit Union
(Visit www.together-strong.ca for full details.)
Following an extensive review process, North Peace Savings and Credit Union is pleased to announce that the proposed merger involving Interior Savings Credit Union has reached another milestone, bringing North Peace Savings and Interior Savings credit unions one step closer toward a shared goal of joining forces for an even stronger future.
Our regulator, the BC Financial Services Authority, has provided consent for North Peace Savings and Credit Union to move forward with a member vote on the proposed merger. This follows unanimous agreement from the Boards of both credit unions in December 2022 that combining our two credit unions is in the best interest of our members, our employees, and the communities that we serve.
With over seven decades of experience serving members, both North Peace Savings in the North Peace and Northern Rockies regions, and Interior Savings in the Thompson Okanagan and Cariboo, are proud to share similar values. Built on the vision of our founders and upheld throughout our history, we have worked to empower our members to reach their financial goals, to support them through hardship, and to work collectively to help our communities thrive.
We recognize that to remain strong and well-positioned to meet the evolving needs of our members, we need to evolve. Today’s increasingly complex and competitive landscape is creating heightened pressures for credit unions to explore new ways of working together and creating value for members. These pressures include ever-changing needs for new technologies, a varying economic environment, increased regulatory and reporting requirements, the threat of new market entrants, the increasing war for talent and evolving member expectations.
Together, we would provide a network of 25 branch locations and 16 insurance locations to a combined 90,000 members, spanning across 18 communities. Combined total assets under administration would be approximately $4.4 billion.
Together, we expect to have even greater resources and scale to better serve our members within an increasingly competitive landscape. This merger is about taking all that is great about our credit union and making it even better. It is about combining our teams, our expertise and our assets to ensure we remain strong and ready to carry on our founding members’ legacy for generations to come.
Stronger Together
During the period of May 8-12, 2023, North Peace Savings members will be asked to vote on the Proposed Merger. In early April, members of North Peace Savings will receive an official notice of special resolution and a comprehensive guide to the merger. Results of the vote will be announced within 7 days of the close of the voting period on both credit unions’ websites and at www.together-strong.ca.
We encourage you to learn more about the proposed merger at www.together-strong.ca where you’ll find more information, an FAQ and Members Guide to the Merger. If you have any questions, please contact us at strongertogether@npscu.ca or strongertogether@interiorsavings.com.
