Press Release
In a move that will benefit their respective members greatly, Nexus Community Credit Union Ltd. and Alterna Savings and Credit Union Ltd. announced yesterday their intention to join together as one under the federated operating model.
For both credit unions, this brings a greatly-expanded geographic presence across Ontario.
“We told our owner members right at the outset of the creation of Nexus that this was simply step one in a multi-step process to grow the credit union to a size that would ensure our stability and sustainability,” said Nexus president and CEO Al Birtch.
“Ultimately our goal was to build a company that had the size and financial strength to provide our members with access to the services and the technology essential to a modern financial services company,” he noted.
“Today’s announcement is a major step forward in fulfilling that commitment to our members.”
“Nexus has nine branch locations across southwestern and Northwestern Ontario, which beautifully complements the 25 Alterna Savings branches spanning North Bay, the GTA, national capital region, and various other communities in between,” said Alterna president and CEO Rob Paterson.
“This joining together of our two credit unions will be accomplished while maintaining our respective brands, personalities, and local community involvement,” he added.
A letter of intent has been signed and once due diligence has been completed and the transaction details finalized, Nexus members will be asked to vote on the proposed partnership merger.
“We are very excited about this partnership,” said Paterson.
“Alterna will be able to grow our ability to lend to the agricultural and natural resources sectors, given the markets supported by Nexus,” he explained.
“This will support business growth and allow local industries increased capacity to thrive and grow.
“We also have a lot of shared values with Nexus, particularly when it comes to our commitment to putting members’ needs firsts in all we do, as well as those of the local community,” Paterson added.
“We will be sharing far more information on this tremendous opportunity over the coming weeks, so stay tuned,” said Birtch.
Effective Jan. 1, 2016, Nexus was created through a merger of Northern Lights Credit Union and Thamesville Community Credit Union.
The credit union has six branches in Northwestern Ontario and three branches in southwestern Ontario, as well as 78 employees and $210 million in assets.
For more information, visit nlcu.on.ca or tccu.ca
