Members voted. It’s official.
We’re merging!
Members of North Sydney and Sydney Credit Unions have voted in favour of the merger. Thank you to our members for your participation, interest, and support through the voting process. We are excited by the opportunities and value the merger will provide to members, employees, and our communities as we move forward together.
Overview
The boards of directors for North Sydney Credit Union and Sydney Credit Union are recommending a merger.
The recommendation comes after several months of collaboration which saw both Boards working in partnership to create a business case to create long term sustainability and value for all members.
Working together, we believe the merged credit union can do more for our members and ensure local community-based banking options remain a competitive and accessible choice for the communities we serve for years to come.
Members will be asked to vote on the merger in September. We urge you to look closely at the benefits for all involved and hope we can count on your support.
Statistics of a Merged Credit Union
Members
14,000
Assets
$335M
Employees
60
Branches
4
Expected Benefits
For members
- Enhanced products and services
- More competitive rates and fees
- Greater access to banking services with a combined network of four branches
- Continued personalized service from the employees our members know and trust
- Increased investments in digital banking services to bring more choice and convenience to all members
- Greater access to specialized financial expertise
Expected Benefits
For employees
- Career growth and professional development opportunities
- A stronger, growing organization that retains and attracts the talent needed to support our members and business goals
- A larger employee pool means additional support for all branches
Expected Benefits
For community
- Local decision-making in the best interests of our combined membership and the communities we serve
- Strengthened community support and engagement with opportunities to build partnerships that create meaningful impacts
Locations of our Combined Member Network
North Sydney
Sydney
Sydney River
Whitney
Important Dates
January 2023
The boards of directors from both credit unions began discussions for a potential merger in 2024.
Spring 2023
Staff and members informed of our partnership and merger discussions.
June 2023
Business Case Approval: Boards recommend the merger to members.
September 11-21, 2023
Member Voting Period
January 2024
If members approve and the merger gains the consent of the regulator, it will take effect January 1, 2024.
How to participate
During this exploration stage, what you have to say matters to us. Your participation, input and perspectives are important. You can use our contact form to send us your feedback and questions.
Merger Business Case
Highlights
To learn more about why this merger is being recommended, review the Business Case Highlights. We also encourage you to use our contact form to send us your feedback and questions.
Frequently Asked Questions
Why are North Sydney Credit Union and Sydney Credit Union exploring a potential merger?
When did the partnership discussions begin?
What is the timeline?
What will a potential merger mean for members?
Will we lose any services if the proposed merger moves forward?
Will fees increase because of a merger?
Will my community still have a say in a new merged credit union?
How would employees be affected?
Will branches close because of a merger?
Are the credit unions in financial distress?
If the merger is approved, will North Sydney continue to have dedicated seats on the board of directors after serving their initial terms?
Member Voting Details
Who Can Vote?
- All members of the credit union, age 18 or older and in good standing
- Eligible members are entitled to one vote only. No member can vote more than once.
- Where membership is held jointly by 2 or more persons with only one share account, the membership is entitled to only one vote
- A business, corporation or organization may vote through an appointed representative
How You Vote?
- During the voting period, members will be able to vote online using our secure, confidential voting platform. A link to the voting platform will be available on our website, shared on social media and emailed (for those whom we have valid email addresses) when voting opens.
- Members eligible to vote can login to access the voting platform using their membership info, including their member number. If you do not know your member number refer to your bank statement, online banking profile or call your branch.
- Members will also be able to access the voting platform by visiting their branch during normal business hours. A voting station will be available to support the voting process.
Voting Period?
September 11-21: Voting opens on September 11 at 7:30PM and closes on September 21 at 12:00PM.
Your Vote Supports Community
Through our community investment the credit unions are proud to contribute to initiatives that make our communities healthier places to live for everyone.
To encourage member participation, $1 will be donated for every ballot received during the voting period to United Way Cape Breton.
Connect with us
Want to talk to us directly? Simply click on your credit union’s name below and send us a brief message; one of our team members will be in touch.