Explore Circle
Exploring: Together, the Boards of Directors at Columbia Valley, Creston & District, East Kootenay Community, Grand Forks, Heritage, Kootenay Savings, and Nelson & District Credit Unions are exploring the pros and cons of an amalgamation to determine if it is the right choice for their respective operations. In the end, members will ultimately make the final decision for their credit union by way of a membership vote.

Strength: By sharing resources and expertise, it is believed that a new organization could achieve significant benefits for its members, its employees, and its communities.

Unity: For years Credit Unions across this region have been collaborating in many different ways on various projects. These collaborations have proven to be very positive and progressive, and are the driving force behind this exploration.

Explore Circle

Frequently Asked Questions

Together the seven credit unions are exploring an important change to the way that credit unions across the region operate. This is only the beginning of an exploration, and will be an ongoing journey. This will be the place for members to find the most up to date and accurate information and will be continually updated as new information becomes available.

Please contact us with any ideas, issues, questions or concerns.

Project Timeline

status updates

January, 2018: On January 19, 2018 the Steering Committee met in Cranbrook to continue the exploration process. This was followed with two days of meetings January 22 and 23, 2018 with Management Team members from all seven partner credit unions to discuss a range of operational issues to assist in development of the business case.

December, 2017: The group of Board and Management Team members who are steering our exploration process, held a meeting in Cranbrook on December 11, 2017. This group met to discuss the project status, evolving insights and next steps. A primary reason for these ongoing meetings is to ensure that the principles of partnership embraced by the seven Boards remains at the forefront of the exploration process and business case development process.

ESU meeting photo “Representatives from the seven credit unions attending a December meeting to learn more about the amalgamation currently being explored.”

November, 2017: The seven credit unions are actively engaged in the due diligence process and are currently collecting information and data which will provide content for a detailed business case. The information gathering stage is expected to conclude by the end of November.

Subject matter experts, made up of senior leaders from each of the seven credit unions, have been compiling data for the due diligence process since September, 2017. There are a number of teams, each focusing on a specific area including:

  1. Community Investment
  2. Credit
  3. Finance
  4. Human Resources
  5. Information Technology
  6. Member Impact
  7. Risk Management
  8. Rules of Governance
  9. Subsidiaries
  10. Wealth Management
Board members are also participating in the due diligence process on the following teams:
  1. Advisory Committees
  2. Community Engagement
  3. Director Selection (Inaugural Selection)
  4. Director Skills and Competencies
  5. New Rules

October, 2017: In late October managers, executives and Board members of the seven credit unions met for two days at their fall Peer Group meeting in Castlegar. Board members and senior leaders of these credit unions meet from time to time to take part in education sessions and receive information and updates from Central1. Peer group meetings provide a key opportunity for Directors and managers to collaborate. The ‘Exploring Strength & Unity’ initiative grew from initial discussions during the Spring 2016 Peer Group meeting.

ESU meeting photo “Representatives from the seven credit unions attending the October Peer Group meeting to learn more about the amalgamation currently being explored.”