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Credit union merger shelved

A possible merger between Integris Credit Union and Lake View Credit Union has been cancelled.

The boards of directors of the two institutions have mutually agreed to cease merger discussions, effective immediately. Integris Credit Union is headquartered in Prince George and has three branches in the city as well as branches in Clinton, Fort St. James, Quesnel, and Vanderhoof. Lake View Credit Union is headquartered in Dawson Creek and has branches Chetwynd and Tumbler Ridge.

“This has been a very difficult decision for us to reach, and we sincerely thank our management teams and all employees for their work and extraordinary efforts involved over the past few months,” said Dave Barry, board chair, Integris Credit Union.

Since announcing they had entered merger discussions in March 2017, both credit unions have been carrying out extensive due diligence to determine whether the proposed merger was in the best interests of their key stakeholders, specifically members, employees and communities. The due diligence process involved an in-depth analysis of the benefits, risks and costs of bringing the two credit unions together.

“Given the opportunities and challenges for both credit unions in our current operating environment and the substantial effort that is required to bring our two credit unions together, the boards of both credit unions believe it is in the best interests of our members and employees to pursue independent business strategies at this point in time,” said Joe Judge, board chair, Lake View Credit Union.

 

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