Credit unions in northwest, northeast Ont. move ahead with merger

A committee working with the board of directors from both Northern Credit Union and Copperfin Credit Union has been ironing out the details of the proposed merger, which must be approved in a vote by members to become official. (File)

Northern Credit Union, based in Sault Ste. Marie, and Copperfin Credit Union, based in Thunder Bay and Kenora, are moving ahead with plans to merge.

A committee working with the board of directors from both organizations has been ironing out the details of the proposed merger, which must be approved in a vote by members to become official.

Currently, Northern has about 75,000 members, while Copperfin has around 22,000.

They have agreed to establish a unified board of directors “for the newly formed organization, intended to meaningfully represent the combined size and scope of both entities,” said a news release Monday.

Another recommendation is that the current CEOs -- Richard Adam from Northern Credit Union and Dennis Alvestad from Copperfin Credit Union -- continue in their role through the transition and beyond.

The name of the new entity will be Northern Credit Union.

"We are excited about the possibilities that lie ahead as we move forward as the New Northern," Adam is quoted as saying in the news release.

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"Our shared values, coupled with the deep roots we have in the North, will enable us to continue offering unique and personalized financial solutions that resonate with the diverse needs of our members.”

“We look forward to the upcoming member vote and the prospect of embarking on this exciting new chapter together,” Alvestad added.