Two financial institutions in the region are one step closer to merging into one.
In an announcement Monday, Northern Credit Union and Copperfin Credit Union say they have completed the due diligence phase of talks and will now work on the business case for regulatory approval.
The boards of directors for both credit unions are recommending a unified board, with the Chief Executive Officers of both banks staying on through the amalgamation.
Northern Credit Union is the larger of the two entities, with approximately 75,000 members across 24 communities in Northeastern Ontario along with branches in Red Rock and Thunder Bay.
Copperfin, on the other hand, has branches in Thunder Bay and Kenora.
So far there has been no indication of branch closures at this time.
According to the proposed timeline the announcement marks the first step, which would culminate with a vote in June, with an ultimate rollout in January of next year, and Northern Credit Union being the final name of the merged entity.
