In October last year Summerland Credit Union and Coastline Credit Union entered discussions on a potential merger between the two regional credit unions.
After a thorough due diligence process and following numerous discussions between the respective Boards and Management of the credit unions, the Summerland Board reached a decision this week not to proceed with the merger.
Summerland Chair, Katrina Luckie said, “In the final analysis the Board has determined that a merger with Coastline is not in the best interests of Summerland, our Staff or Members at this time.
This means a renewed focus on business as usual for Summerland with a number of exciting initiatives and developments set for delivery to our Members over the coming 12 months.”
On another matter the Board will begin recruitment for a new CEO with the current CEO, Margot Sweeny due to leave Summerland in July this year after 20 years as CEO and 5 years on the Summerland Board as Deputy Chair before that.
Summerland is a strong performing credit union and has grown to the enviable position it holds in the financial industry today due to the significant role Margot Sweeny has played during her time with Summerland.