THUNDER BAY – BUSINESS – Richard Atkinson, Chair of Bay Credit Union, and Lorne Kellar, Chair of Apple Community Credit Union, are pleased to announce that their members have voted at well attended Special Meetings to overwhelmingly approve a merger combining their Credit Unions into a new, truly local Credit Union.
“This is an exciting opportunity; the only two locally managed financial institutions with head offices in Thunder Bay are coming together to better serve our members and strengthen our community,” states Mr. Atkinson. “Our Credit Unions recognize that our members and staff are our greatest assets, and our organizations share common values. Together, we will have the opportunity to expand products and services while continuing to provide the high level of quality service that our members have come to expect,” adds Mr. Kellar.
“With this merger, decisions will continue to be made locally. And, I also believe this merger will be an excellent strategic fit for both Credit Unions,” says Lea Matyuska, CEO of Bay Credit Union.
Lynne LeGros, CEO of Apple Community Credit Union, states, “This merger will enhance career opportunities for all employees as well as increase the ability of both organizations to improve member service with increased operating hours and additional products.”
The legal name of the new credit union will be Bay Credit Union Limited. Lynne LeGros added that “Although all official business transactions will be done under the Bay Credit Union name, we recognize the history of both credit unions and will honour and preserve the legacy of Apple Community Credit Union.”
The merger is effective May 1, 2015.
Bay Credit Union was founded in 1946 as People’s Co-operative Credit Union Limited. It began its operation to serve the large Finnish-speaking population of Port Arthur. Once it started serving all of Thunder Bay in 1975, it became Bay Credit Union. It has grown to serve 3,400 members, employs 17 staff and has $45 million in members’ assets.
Apple Community Credit Union was incorporated in 1951 as Provincial Paper Mill Employees’ Credit Union Limited. In 1998, the Credit Union attained open bond status and the name was changed to APPLE Community Credit Union. Over the years, two other Abitibi credit unions, two Elevator credit unions and the CNR credit union joined Apple Community and currently it serves 1,580 members, employs 6 staff and has members’ assets of $13 million.
