August 21, 2017
For Immediate Release: Merger negotiations concluded with Lake View Credit Union, Integris Credit Union
After careful consideration, the boards of directors of Lake View Credit Union and Integris Credit Union have mutually agreed to cease merger discussions effective immediately.
Since announcing they had entered merger discussions in March 2017, both credit unions have been carrying out extensive due diligence to determine whether the proposed merger was in the best interests of their key stakeholders, specifically members, employees and communities. The due diligence process involved an in-depth analysis of the benefits, risks and costs of bringing the two credit unions together.
“Given the opportunities and challenges for both Credit Unions in our current operating environment and the substantial effort that is required to bring our two credit unions together, the boards of both credit unions believe it is in the best interests of our members and employees to pursue independent business strategies at this point in time,” said Joe Judge, Board Chair, Lake View Credit Union.
“This has been a very difficult decision for us to reach, and we sincerely thank our management teams and all employees for their work and extraordinary efforts involved over the past few months,” concludes Dave Barry, Board Chair, Integris Credit Union.
For further information please contact:
Dave Barry, Board Chair
Integris Credit Union
Joe Judge, Board Chair
Lake View Credit Union
About Integris Credit Union
Integris Credit Union is a financial cooperative located in North Central BC. With $1.4 billion in assets under administration, Integris offers banking, insurance (including ICBC Autoplan), Financial Planning, and Group Benefits to over 25,000 members in the region. As a living wage employer, Integris continues to be a leader and community enriching organization.
For more information about Integris, visit: www.integriscu.ca/who-we-are/about-integris/