WE’RE MERGING!
Members of Atlantic Edge Credit Union, EasternEdge Credit Union and Hamilton Sound Credit Union voted in favour of the merger. We are grateful to members for your overwhelming support and look forward to working as one credit union that benefits all members, employees, and communities.
On January 1, 2024, the new credit union will be known as Atlantic Edge Credit Union. Over the short-term, your day-to-day banking will be business as usual. As we work through our integration plan, we will keep members informed and advise you regularly of any changes to services.
Working together, we are committed to serving our community and the current and emerging needs of members with exceptional employees and accessible, competitive products and services.
Statistics
Merged Credit Union
Members
24,000
Assets
$470 million
Employees
110+
Branches
15
What to Expect
Benefits
For members
- Enhanced service, stronger relationships, expanded product portfolio, and digital services
- More competitive rates and fees
- Greater access to banking services across a combined network of 15 locations
- Increased investments in digital banking services to bring more choice and convenience to all members.
- Greater access to specialized financial expertise
For employees
- Career growth and professional development opportunities
- Employees can continue to work in the communities they love
- A stronger, growing organization that retains and attracts the talent needed to support our members and business goals
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 impact across Newfoundland and Labrador
Our Locations
Our Combined Member Network
We are committed to maintaining our combined network of 15 branch locations. Members will continue to benefit from locally based banking and personalized service from staff they know.
The Timeline
Important Dates
June 2022
The Boards of Directors from the partner credit unions began discussions for a potential merger in 2024. The process to explore a merger was formalized in June 2022.
November 2022
Public announcement that the partner credit unions are in merger discussions.
January to May 2023
Members will be engaged and encouraged to participate in the voting process.
January 2024
If membership approves and the merger gains the consent of the regulator, the new merged credit union will take effect January 1, 2024.
May 15, 2023
Annual General Meeting and Special Meeting of Members for each credit union
May 15 – 19, 2023
Member voting
January 1, 2024
Legal Date for Merged Credit Union
Credit Union History
Atlantic Edge Credit Union was formed with the amalgamation of Eagle River Credit Union and Leading Edge Credit Union in 2022. A full-service credit union, Atlantic Edge has assets of $340 million and serves over 17,500 members across Newfoundland and Labrador.
Frequently Asked Questions
Q&As
Why are the boards of Atlantic Edge Credit Union, EasternEdge Credit Union, and Hamilton Sound Credit Union recommending a merger?
We have completed an extensive due diligence process that shows there is significant value for our members, employees, and communities in uniting our credit unions into one new stronger credit union. Together we can:
- strengthen the benefits for members by gaining added expertise and offering more competitive products, services, rates, and fees
- realize operational savings that can be reinvested for the benefit of our members and communities
- be better positioned for future growth and sustainability
- provide greater career growth and professional development opportunities for our employees without the need to relocate; and
- develop a stronger recruitment strategy to attract the talent needed to support succession and growth plans for the board, management, and specialized staffing.
What will the merger mean for members?
Will we lose any services if the proposed merger moves forward?
Will fees change as a result of the proposed merger?
Will my community have a say in a new merged credit union?
The new credit union will remain a strong contributor to the communities it serves for years to come. Our combined contributions will enable us to invest more in our members and our communities.
Will we lose our identity if we merge?
How would employees be affected?
Will branches close as a result of a merger?
Why do we need to be bigger, we’re not a bank?
Are any of the credit unions in financial distress?
Where will the head office be located?
What will the credit union name be?
Who will be the CEO of the merged credit union?
When will members vote?
Contact
Get In Touch
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.