Northern Credit Union and Copperfin Credit Union, two leading financial institutions, have announced the successful completion of the due diligence phase in their ongoing merger discussions.
Demonstrating a commitment to transparency and collaborative decision-making, they are presently engaged in formulating a thorough business case for regulatory approval, paving the way for a member vote to finalize this transformative merger says a news release.
"The Joint Partnership Committee, in collaboration with the full Boards of Directors from both organizations, has assumed a pivotal role in addressing critical strategic decisions for the proposed merged organization. With a primary emphasis on leadership and alignment with cooperative governance principles, the committee has been instrumental throughout the entire process," says the release.
The recommendation put forth by the Boards of Directors of both organizations is to establish a unified Board of Directors for the newly formed organization, intended to meaningfully represent the combined size and scope of both entities.
“This collaborative decision is driven by our commitment to ensuring an inclusive governance structure that possesses the necessary skill set and diverse backgrounds essential to effectively represent the interests and values of all our valued members”, says Board Chair, Tim Foster, Northern Credit Union.
“This strategic alignment will contribute to a unified and dynamic leadership, guiding the proposed newly combined organization towards a successful and sustainable future," comments Board Chair, Robert Jankovic, Copperfin Credit Union.
The Boards of Directors also jointly recommend that the existing CEOs, Richard Adam from Northern Credit Union, and Dennis Alvestad from Copperfin Credit Union, continue to lead the organization through the transition and beyond.
"Their proven leadership and commitment to the cooperative values make them integral to steering the new entity towards a successful future. Equally crucial to the future is the selection of an appropriate name that reflects and embodies the identity and values of the new organization," says the release.
The Joint Partnership Committee, in collaboration with the Executive Management of both organizations, proposed keeping the name "Northern Credit Union" for the new entity.
Rooted in the rich heritage of the North, "Northern" embodies the essence of the people and places we proudly represent. As the one true financial organization of the North, Northern Credit Union reflects the unique experiences and way of life cherished in the communities we serve.
"We are excited about the possibilities that lie ahead as we move forward as the New Northern," said Richard Adam, President of Northern Credit Union.
