Credit union plans merger with Terrace institution

  • Jan. 11, 2006 5:00 a.m.

Northern Savings Credit Union may be merging in June with the Terrace and District Credit Union.
Chief operating officer Mike Tarr says the impetus for the merger is coming from the Terrace institution.
“Their board of directors made a decision. They felt no longer capable of remaining independent due to their size and the changing financial industry,” he said.
Mr. Tarr says the board looked at many potential partners and at the end of a long process decided Northern Savings was the right candidate.
Northern Savings already has a branch in Terrace, which will amalgamate with the Terrace and credit union if the merger goes through.
The next step is for Northern Savings to prepare a business plan to be reviewed by the Terrace credit union members, who will vote on the merger at their annual general meeting. If it’s approved by two-thirds of the members voting, the merger will take effect at the end of June.
Mr. Tarr says the merger will have no direct impact on Queen Charlotte Islands customers, except that Northern Savings will be a somewhat larger credit union than it is now.
He says the credit union has a total of $360 million in assets. The Terrace and District Credit Union has $45 million in assets.

Just Posted

RCMP searching for missing Lax Kw’alaams resident

Public urged to help in search for 42-year-old Lawrence Maitland

Queen Charlotte highlights the year that was in 2018 Annual Report

A number of works projects were completed, as well as improvements at the youth centre

Boon Docs, life as a rural doctor tickles the funny bone

Haida Gwaii’s Caroline Shooner draws observations from the medical field

President and CEO leaving Coast Mountain College

Burt will say goodbye to CMNT come September

Marathon day on Haida Gwaii

Totem to Totem race looks to set another participation record

VIDEO: Young couple found dead in northern B.C. had been shot, police say

Chynna Noelle Deese of the U.S. and Lucas Robertson Fowler of Australia were found along Highway 97

VIDEO: Man found dead near B.C. teens’ truck could be linked to a double homicide

RCMP said they are looking for Kam McLeod, 19, and Bryer Schmegelsky, 18, of Port Alberni

Latest plan is to fly trapped fish by helicopter over Big Bar slide

Multi-pronged plan set in motion to freesalmon blocked by landslide in the Fraser River

Family of missing B.C. senior with dementia frustrated with situation, heartened by community support

Nine days since Grace was last seen the question remains: ‘How can an 86-year-old just disappear?’

Unsealed record suggests U.S. man convicted of murdering Vancouver Island couple left DNA on zip tie in 1987

William Talbott is set to be sentenced Wednesday in the murders of Jay Cook and Tanya Van Cuylenborg

Coast Tsimshian sign historic stewardship agreement

Lax Kw’alaams and Metlakatla plan to work as one to preserve traditional lands

Okanagan Air Cadet challenges gender-exclusive haircut policy

Haircut regulation inspires challenge around gender identity

VIDEO: Bystander training gains traction as tool to prevent sexual harassment, violence

Julia Gartley was sexually assaulted after an event, and no one stepped in to help

Two brands of ice cream sandwiches recalled due to presence of metal

The Canadian Food Inspection Agency issued a recall on Iceberg and Originale Augustin brands

Most Read