Northern Credit Union expanding in a merger with Copperfin

Northern Credit Union and Copperfin Credit Union, two organizations with more than 88,000 members in 25 communities across Ontario, have announced merger plans. 

Beginning in the New Year, Northern Credit Union is to officially merge with Copperfin Credit Union of the Thunder Bay and Kenora areas.  

Combined, the Northern Credit Union and Copperfin Credit Union will be supported by more than 300 employees serving 88,449 members in 29 branches in 25 Ontario communities, including North Bay.

In a joint news release, both credit unions announced that voting members approved the venture and are excited to see "a more diversified and robust entity capable of delivering enhanced value to members, employees, and communities."

The voting concluded on June 16, with members supporting the amalgamation, signifying a strong consensus among members of both credit unions in favour of the merger, said the release. 

"As a result, the merger will proceed as planned, marking the beginning of a new chapter in the history of credit unions in Northern Ontario and reflecting their commitment to members to deliver long-term success and sustainability of our company," said the release.

“We wish to extend our sincere gratitude to our members and shareholders for their active participation and to our employees for their continued dedication during this process,” said Richard Adam, CEO and President of Northern Credit Union, and Dennis Alvestad, CEO of Copperfin Credit Union, in a joint statement.

“We want to assure our members and employees that we will continue our commitment to transparency and will provide further updates on our strategic initiatives and progress in the coming weeks,” the chief executives continued. 

The release further stated that the merger would be a positive thing for the company that provides banking and investment services to communities throughout Northern Ontario.

"This is a historic moment for both Northern Credit Union and Copperfin Credit Union, as we come together to create a stronger, more resilient organization," said the release.

"Our combined strengths will allow us to better serve our members, invest in innovative solutions, and support the growth and prosperity of our communities."