Two Northern Saskatchewan credit unions are expecting to merge operations next year.
The board of directors for both the Debden Credit Union and Diamond North Credit Union announced Thursday that a merger is expected Jan. 1, 2019. Debden Credit Union general manager William Sanderson said Diamond North was a great fit for their organization.
“The big part with Diamond North is they are a rural based credit union just like us. They have the same type of economies and the same philosophies,” Sanderson told northeastNOW.
Discussions to merge the credit unions began in March 2017. Sanderson said there were talks with other credit unions, but the Nipawin-based financial institution fit into the business case model Debden Credit Union identified. Sanderson said the expected agreement will provide more services for the members.
“Our clients will have a lot larger lending capacity and increased products and services such as wealth management and electronic services,” he said.
A vote by members of both organizations will take place in the spring. After the expected approval the combined assets of the credit unions will exceed $600 million. Sanderson said the Debden Credit Union employees should benefit from the agreement as well.
“We will make every effort to have employment for everybody or we have people considering retirement and we can assist in that. On the employment side I think it’s going to be a win-win,” he said.
The Debden Credit Union also has a branch in Big River. Diamond North Credit Union has eight branches across Northeast Saskatchewan.
On Twitter: @ClarkStork
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