TORONTO — From the Tobacco Workers’ Credit Union in Guelph to the New Community Credit Union in Saskatoon, the names tell part of Canada’s history even as…
“For the sake of their members, they’re being more aggressive in those decisions and saying, you know, we want to pick our dance partner now.”
There are still some so-called closed bond credit unions linked to an employer, notably for teachers and police, but others continue to fall away. Airline Financial Credit Union, open to anyone in the airline industry, announced on May 14 that it had approval for its merger into Luminus Financial.Article content
However, consolidation doesn’t have to mean a disconnect with members, even as smaller credit unions get absorbed into larger ones, said Annette Bester, national credit union leader at professional services firm MNP.While consolidations can sometimes come with bad connotations around losing community roots, she said there’s still a local link and the alternative can be much more severe.
The challenges of meeting the technological demands can be seen in the size of some of the mergers going on.
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