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Credit unions unite
Powell River's First Credit Union and the Cumberland and District Credit Union are moving forward with a merger that would see the longest running credit union in the province doing business on Vancouver Island.
FCU will be acquiring CDCU, which will see a total of 10,000 members, 150 employees and $223-million in assets managed by FCU.
Chief Financial Officer of FCU Shezad Somki says that the merger allows greater access to the Comox Valley Market.
"The Cumberland Credit Union will become a branch of First Credit Union," said Somki. "What we want to do is get a hold of the Comox Valley market and see what happens from there."
CDCU sees the merger as a great opportunity for their staff and members.
"We have "been seeking a partner that would be able to provide a broader range of services," said CDCU Board Chair Sandy McPherson. "First Credit Union offers wealth management and insurance services that will take service and operations to the next level for our members."
Because of the way that credit unions operate, Somki says the merger has a large payout along the Sunshine Coast.
"All the profits come back to Powell River and the communities we serve."
The next major step in the process is approval from CDCU's membership board, who will discuss the merger at a meeting later this summer.
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