Sunrise Credit Union and Sandy Lake Credit Union have entered into discussions with the intention to merge by May.
“We feel that amalgamation will strengthen our financial position and help us continue to provide the best products and services to our membership,” Sandy Lake Credit Union CEO Iris Popplestone said.
“Also, we want to give our people the best tools for the job. A merger with Sunrise Credit Union will create the capacity to make that happen.”
Because a merger with Sandy Lake Credit Union would account for less than a 10 per cent increase in assets, the merger can be approved by the Sunrise Credit Union board of directors without a full membership vote.
Sandy Lake Credit Union members, however, will have the opportunity to vote at their next annual general meeting in Sandy Lake on Jan. 27.
“We warmly welcome Sandy Lake Credit Union members to the Sunrise family,” said Harry Bowler, president and CEO of Sunrise Credit Union.
“By joining together and sharing resources such as technology, finance, knowledge and experience, efficiencies will improve, allowing access to increased products and services which will provide greater value to our combined membership and communities.”
Sandy Lake will mark the 14th community served by Sunrise Credit Union. Sandy Lake contributes approximately $17 million of assets to the organization bringing the amalgamated total assets close to $800 million serving approximately 22,000 members.
There are no planned job cuts resulting from the merger and Sandy Lake employees will enjoy an expanded range of development opportunities available through Sunrise.