Changes on the local business and financial scene.
Northern Lights Credit Union is merging with Thamesville Community Credit Union Limited.
After January 1st, the new credit union will commence business under the name Nexus Community Credit Union Limited.
President and CEO of Northern Lights Ernie Remillard calls it a positive move.
Remillard says the merger will lead to more technology in the future and they will be offering more products and services to members.
He says the next step is creating an organizational chart and determining where everyone fits in.
Remillard adds they have to restructure some responsibilities and merge banking systems.
He says this new model supports small and rural communities and organizations.
The amalgamation received overwhelming support from members on both sides.
Here are some of the highlights of the merger provided by Ernie Remillard:
· Model supports rural growth across Northwestern and Southwestern Ontario in the Chatham area
· New organization will support over 16,000 Members in 9 communities
· $210M in Assets and 78 Employees
· Dividend distributions planned in the forecast for 2016 to our extremely important Member/Shareholders
· Ensures the sustainability of the Credit Union
· Technology forms in coming years with Mobile Banking and Online Loan Applications
· Challenges and opportunities for Employees
· Majority of Management and Governance Board remains in Northwestern Ontario