Growing Better Together
East Coast Credit Union and Provincial Government Employees Credit Union are growing our partnership to explore a merger of our credit unions.
Overview
As strategic partners, East Coast Credit Union and Provincial Government Employees Credit Union have been serving members from our shared branch in downtown Halifax for several years. Our merger exploration is focused on creating one credit union that offers greater potential for growth, innovation, and sustainability for all members.
As part of the merger exploration, we are now creating a business case to understand the benefits of merging and what we can achieve for our employees, members, and communities. Following their review of the business case, if the Board of Directors choose to recommend a merger, a member vote will take place in the fall of 2024.
Statistics of a Merged Credit Union
Members
45,000
Assets
$1.4Billion
Employees
275
Branches
19
Expected Benefits
For members
- Members will continue to benefit from the personalized service from staff they know
- Access services from a network of 19 locations, including a digital branch, in communities across Nova Scotia.
- Combining operations enables savings that can be reinvested to enhance member services – including new products and digital banking solutions to bring more choice and convenience to all members
Expected Benefits
For employees
- A stronger, growing organization that retains and attracts the talent needed to support our members and business goals
- A larger employee group means additional support to enhance service delivery and employee development
Expected Benefits
For community
- Local decision-making in the best interests of our collective membership and the communities we serve
- Strengthened community support and engagement with opportunities to build partnerships that create meaningful impacts across Nova Scotia
Locations of our Combined Member Network
Members will continue to benefit from locally based banking and personalized service from staff they know.
Antigonish
Baddeck
Bridgewater
Dartmouth
Elmsdale
Fall River
Halifax (Downtown)
Havre Boucher
Inverness
L’Ardoise
Louisdale
Lower Sackville
Mabou
New Glasgow
Port Hawkesbury
Port Hood
Sheet Harbour
St. Andrews
St. Peter’s
How to participate
During this exploration stage, what you have to say matters to us. Your participation, input and perspectives are important. You can use our contact form to send us your feedback and questions.
Frequently Asked Questions
Why are we exploring a potential amalgamation?
Our credit unions continuously looks for ways to increase the value we provide to members, employees, and local communities while effectively and efficiently managing our operations. East Coast and Provincial Government Employees have worked together for several years – serving members from our shared branch in downtown Halifax. Exploring a merger builds on our partnership and will enable us to take advantage of new opportunities. The board believes there could be significant value gained from a potential amalgamation for staff and members. Creating a business case to explore the opportunity further is the next step.
When will a decision about an amalgamation be made by the Board?
A decision will be made after the business case is completed which we expect to happen in June 2024. If both boards approve the business case, the credit unions will seek approval from the membership and the regulator.
If we are to merge, when would it take place?
The potential merger date could be January 2025.
If we amalgamate, will our credit union name change? What changes are expected at the branches?
The name of the credit union will be East Coast Credit Union. Provincial Government Employees will become a division of East Coast and the unique programs such as payroll deduction, orientation and retirement seminars will continue to be offered. There will be no changes to the branch located in Downtown Halifax which serves members from both credit unions. Provincial Government Employee members will gain access to services available from East Coast’s other branches located in communities across Nova Scotia and their Member Advice Centre. More details will be shared as we are further along in the planning.
Is our credit union in financial trouble?
Both East Coast Credit Union and Provincial Government Employees Credit Union are financially strong. This merger demonstrates the shared goal of looking for opportunities to increase the value we provide to members, employees, and local communities while effectively and efficiently managing operations.
Who will be the CEO of the merged credit union?
Ken Shea, president and CEO of East Coast Credit Union, will be the president of the merged credit union.
Why do we need to be bigger, we’re not a bank?
This proposed merger is about looking to create a stronger credit union built on local values, but with the scale needed to be sustainable for years to come.
How are members affected by the merger?
We see only positive benefits for members. Together, we will be able to provide better service with an expanded product portfolio, digital services, enhanced member support, and more competitive rates and fees. PGECU members will also gain access to services from East Coast’s network of 19 locations, including a digital branch, in communities across Nova Scotia.
How will employees be affected?
We are committed to maintaining current levels of employment. There will be no job losses as a result of the merger. Employees will have more opportunities and support to grow their careers in the credit union without the need to relocate.
What is the timeline?
The business case is expected to be completed in June 2024. If approved by both boards, the proposed amalgamation will be recommended to members who will be asked to vote on the amalgamation in the fall. Following a successful member vote, the new entity could come into effect in January 2025.
Connect with us
Want to talk to us directly? Simply click on your credit union’s name below and send us a brief message; one of our team members will be in touch.