The Board of Directors of the Radius Credit Union and Torquay Credit Union are excited to announce that their organizations will merge effective March 31, 2014. The new credit union will operate under the name of Radius Credit Union Limited.
Torquay Credit Union members voted 99 per cent in favor of a merger proposal at a Special Member Vote Meeting held on December 3.
"This merger is a positive move forward for our membership. Both organizations are similar in their cultures and their vision and are committed to their membership and their rural communities. We look forward to our future together," said Steven Berg, President of the Torquay Board of Directors.
On December 4, Radius Credit Union members voted 100 per cent in favor of the merger as well.
"The combination of our credit unions creates opportunities in our rural areas" said Ray Barbarin, President of the Radius Board of Directors. "Our commitment to cooperative values provides strength and growth possibilities for our membership. This is a win win situation for our communities."
The merger, which will become effective March 31, 2014, will bring together the seven branches under the leadership of Ted Struthers, CEO of Radius Credit Union.
"The two credit unions have worked together for many years, the merger will allow us to further use the economies of scale that focus on providing the best service anywhere, anytime, anyplace" Struthers said.
The new credit union will have offices in Avonlea, Ceylon, Ogema, Pangman, Radville, Torquay and Tribune. They will offer access to a complete range of financial and investment products and services and will serve over 5,000 members and oversee $255 million in assets.