Northern Lights Credit Union and Thamesville Credit Union are looking to merge. CEO of Northern Lights, Ernie Remillard, says this is great news for them.
"This is an incredible opportunity for Northern Lights. This came about around Christmas time. We just executed a letter of intent and what that now allows is for us to go into the due-diligence process with a potential vote by Christmas. It's an opportunity for Northern Lights to reposition ourselves. We're focusing on members service excellence," he said.
Thamesville is a small community half way between London and Windsor. Remillard talks about the benefits.
"This organization has gone through significant financial distress the last few years. It allows us to ensure our sustainability in the future. It guarantees our employment. We're going to be able to keep our employees employed. We're going to be able to take advantage of the all potential economics benefits going on in the region and if we remained the same we wouldn't be able to capture those," he said.
Remillard says this will also give them the opportunity to improve technology such as mobile banking.
"Mobile banking and all those platforms that are extremely costly to invest in that we simply can't provide today. All those things will be available in the future and we're extremely excited. In our minds you have to be involved in the game and this type of merge will allow us to invest heavily in technology and offer the financial services and products to our members that they will demand in the future," he said.
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Northern Lights reassures members