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.

View Media Release


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









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

Members will continue to benefit from locally based banking and personalized service from staff they know.

North Sydney


Sydney River


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.

August 15-16, 2023

Member Information Sessions

Sydney (PDF)
North Sydney (PDF)

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


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?

We are already strong partners. By combining our operations, we can further strengthen the benefits we provide to all our members. This includes enhancing our products and services, developing specialized expertise to serve members better, and realizing operational savings that can be reinvested for the benefit of our members and communities. Working together, we can take advantage of new opportunities, ensure continued access to community-based banking options, and better manage the risks facing all financial institutions in today’s competitive environment.

When did the partnership discussions begin?

North Sydney Credit Union and Sydney Credit Union have been strong partners for many years. In 2022, North Sydney engaged Sydney to provide management services. This engagement has worked very well, and the boards of the two credit unions began discussions to consider a more formal and permanent partnership. Merger discussions began in January 2023 and a Steering Committee with representatives from both boards has been tasked with creating a business case to show how a merger will benefit our combined membership, employees, and communities.

What is the timeline?

If both boards approve the business case members will be asked to vote to approve a merger in September 2023. If a merger receives approval from the membership and the regulator, the new credit union could come into effect in January 2024.

What will a potential merger mean for members?

We see only positive benefits for members. Together, we will be able to provide better service with an expanded product portfolio, digital services, member support and more competitive rates and fees. By combining operations, we will realize savings that can be reinvested for the benefit of our members and communities.

Will we lose any services if the proposed merger moves forward?

No, quite the opposite. Members will continue to receive the same services, and as we grow together, new products and services will be offered.

Will fees increase because of a merger?

A merger would ensure the new combined credit union can offer members the best value going forward, providing competitive rates, products, and services in a sustainable manner.

Will my community still have a say in a new merged credit union?

Yes. If we become one new credit union, we will remain a strong contributor to our communities for years to come. Our combined contributions will enable us to invest more in our members and our communities.

How would employees be affected?

We are committed to maintaining current levels of employment. As part of the normal course of business, the new credit union could see some staffing reductions through retirements and attrition, but no one will lose their job as a direct result of the merger.

Will branches close because of a merger?

Should a merger be approved, we are committed to maintaining the combined branch network of 4 locations.

Are the credit unions in financial distress?

Both credit unions are strong and healthy, and performing well financially.

If the merger is approved, will North Sydney continue to have dedicated seats on the board of directors after serving their initial terms?

The Board will be elected to represent all members of the new merged Sydney Credit Union, with elections held each year to fill open Director positions. A Nomination Committee will help identify interested members who bring the skills and experience needed to successfully govern a strong credit union. As a member-owned financial institution, participation in director elections is key to maintaining continued success. Members can choose to put their name forward for a seat on the Board and to participate in the election process. This will ensure their voice is heard and that the Board of Directors continues to be accountable and serve in the best interests of all members and their communities.

Member Voting Details

North Sydney Credit Union and Sydney Credit Union are proposing a merger to build a strong and sustainable credit union to serve members, employees, and community. When we work together, we can do more for our everyone and ensure local community-based banking options remain a competitive and accessible choice.

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.