Uncertainty in the financial markets and the economy has resulted in two Vancouver Island credit unions shelving merger plans.
Executives at Duncan-based Island Savings Credit Union and Nanaimo-based Coastal Community Credit Union said in a release that any merger at this time "might place excessive pressure on the financial resources of both organizations at a time when there remain many uncertainties in the marketplace."
Both credit unions had conducted a series of discussions since they made an announcement of a potential merger in June. Many elements of a memorandum of intent had been agreed to, but both organizations said that any merger would create unnecessary risks to the future strength of their business.
A combined organization would have served more than 120,000 members in 26 communities throughout Vancouver Island. It would have had 35 branches, 28 insurance offices and nearly 1,000 employees and $2.6 billion in assets.