Bayshore Credit Union and QuintEssential Credit Union today announced that their members have overwhelmingly approved the merger of the two financial institutions.
At meetings held on November 7th and 8th, the members approved a resolution to amalgamate the two credit unions’ effective December 31, 2016. This was the final regulatory step in a process which began in June of this year. The approval of the Financial Services Commission of Ontario was received on September 29, 2016.
The approval of the members now paves the way for Quinte First Credit Union Limited to begin operations on January 1, 2017. Quinte First Credit Union will be the only community-owned financial institution in Quinte. With assets of over $188,000,000 and more than 14,000 members, Quinte First will serve the community through two branches in Belleville, two branches in Trenton and a fifth branch in Frankford. With five branches and a total of seven ATMs, Quinte First will have one of the largest networks in the area.
Carrie Gregoire, the current President and CEO of QuintEssential Credit Union will assume the same role for Quinte First. She describes the merger in these terms, “The creation of Quinte First will allow our community to benefit from one strong, engaged, truly local credit union. All of our decisions will be made locally and all of our investments will continue to help grow our strong and vibrant community. With 120 years of combined service to the residents of Quinte, Quinte First will further our vision of improving lives and strengthening our community. We’re pleased to be delivering co-operative banking with a partner such as Bayshore; this is truly a partnership of equals.”
Joe Bell, current CEO of Bayshore Credit Union will take on the new role of Vice-President of Operations. He stated, “This merger creates a very exciting prospect for our members and the community as a whole. The community will now have a truly local financial institution for all of their banking needs, both personal and business. As the only locally-owned, member-driven financial institution in the region, Quinte First Credit Union presents a unique value proposition that no other financial institution in the region can match.”
