The LaHave River Credit Union in Bridgewater, NS. Photo: LaHave River Credit Union.
LaHave River Credit Union and East Coast Credit Union members have voted in favor of merging, paving the way for the creation of a new financial institution set to serve over 45,000 members across Nova Scotia. The merger, which is expected to take effect on January 1, 2024, will bring together the strengths and resources of both credit unions, consolidating approximately $1.3 billion in assets.
John Vissers, Chair of the Board for LaHave River Credit Union, expressed his satisfaction with the members’ endorsement of the merger. “We are pleased that members accepted the Board’s recommendation,” he stated. “We see this merger as an investment in our future and ensuring our credit union remains a competitive and relevant choice that continues to serve our members and community for years to come.”
The amalgamation will result in a new entity known as East Coast Credit Union, with Ken Shea assuming the role of President and CEO. The LaHave River Credit Union, following the merger, will be rebranded as the LaHave River branch of East Coast Credit Union.
Ken Shea, President and CEO of East Coast Credit Union, shared his enthusiasm for the merger’s potential benefits, saying, “We look forward to building on LaHave River’s strong co-operative roots on the South Shore, and enhancing the products and services we can bring to the community.”
In an act of community support, both credit unions pledged to donate funds to local charities based on the number of votes cast by their members. East Coast Credit Union will contribute $3,200 to Feed Nova Scotia, while LaHave River Credit Union will donate $250 each to the Shaid Animal Shelter and the Bridgewater Interchurch Food Bank.
Mary Oxner, Board Chair for East Coast Credit Union, thanked the members for their participation in the decision-making process, saying, “Members have spoken, and we’d like to thank everyone who voted. We’re starting from a strong foundation of partnership, and we look forward to growing from our shared values and commitment to serve members and community.”
