The amalgamation process for seven credit unions across the East and West Kootenays and Boundary region continues.
The partners issues an update this week outlining the next steps. Right now a business case is being completed, which has to be reviewed and approved by the Board of Directors for all seven credit unions, then the application will go to the Financial Institutions Commission of BC. Each credit union will also hold a formal consultation process with their members, who will later vote on a resolution put forward by the Board of Directors.
This entire process is expected to continue through 2018. It would be the first amalgamation of seven credit unions in Canada.
Columbia Valley, Creston Valley, East Kootenay, Grand Forks, Heritage, Kootenay Savings, and Nelson and District credit unions are involved.