Espanola Credit Union to hold open houses on proposed merger

by Isobel Harry

LITTLE CURRENT–In the September 16 edition of The Expositor, we reported on the plans of the Espanola and District Credit Union (EDCU)–with branches in Espanola, Little Current and Mindemoya–to merge the company into the larger Northern Credit Union (NCU), the largest credit union in Ontario.

Board approval has been obtained, leaving only approval by the membership finally to ratify the project.

EDCU Chief Executive Officer Lindsay Liske announced that two open houses will be held for members to hear the merger plans, ask questions and make informed decisions before voting.

EDCU members are invited to the Little Current Curling Club on Tuesday, October 20 at 7 pm and to the Elks’ Hall in Espanola on Wednesday, October 21 at 7 pm. Voting by the membership will take place on November 5.

In the proposal, the EDCU will be re-named Northern Credit Union and will be merged into the NCU’s billion-dollar asset base to begin formal operations on January 1, 2016. The new Northern Credit Union will have 32 branches, from Thunder Bay to Arnprior and the Bruce Peninsula to south of Owen Sound. Northern Credit Union also merged with the Saugeen Credit Union last summer. Mr. Liske also cited increased access to wealth management and agricultural expertise as more benefits of the proposed merger.