Welcome Nexus Community Credit Union
Thamesville Community Credit Union Limited and Northern Lights Credit Union Limited held their membership vote last night on the proposed amalgamation of the 2 companies. The membership voted overwhelmingly in favour of the amalgamation (94% and 95% in-favour respectively). The new credit union will commence business under the name of Nexus Community Credit Union Limited effective January 1st, 2016. The new credit union will have 6 branches in Northwestern Ontario and 3 branches in Southwestern Ontario, , 78 employees and $210 million in assets.
Both Ernie Remillard, CEO of NLCU and Al Birtch, CEO of TCCU are elated by the vote of confidence the membership has shown in this new business model. Remillard and Birtch have a common goal “to grow a much larger, sustainable credit union that is focussed exclusively on the financial services needs of people living in smaller communities and rural areas across Ontario.” The amalgamation of NLCU and TCCU into Nexus Community Credit Union Limited is an openly acknowledged “step 1” of a multi-year / multi-step strategy to bring together those credit unions from smaller markets who share the common challenges of technology affordability, risk diversification needs, and strengthening capital base. Both Remillard and Birtch are advocates of the unique needs of people and businesses from smaller community / rural areas. They believe that credit unions coming together to build on those common needs while retaining a focus and board governance that is 100% from these smaller communities is the way to address these needs. They openly invite questions from any other Ontario credit union interested in learning more about this business model.