BlueShore Financial Credit Union and Coastal Community Credit Union end merger discussions

BlueShore Financial and Coastal Community have agreed to end discussions regarding a potential merger at this time.

Earlier this year, BlueShore Financial and Coastal Community announced that they had signed a Memorandum of Understanding to explore a potential merger. As part of the exploration process, management and the boards of the two credit unions conducted a thorough analysis of the advantages and disadvantages of coming together.

Following thorough deliberations by the boards of directors and chief executive officers of both credit unions, the credit unions have mutually agreed to end the merger discussions. Although the teams worked hard over the past months and significant progress was made, both credit unions believe that it is in the best interests of their members and employees to consider their own strategic options at this time. This may include the potential for merger discussions with other credit unions where appropriate or restarting discussions with each other in the future.

The organizations conclude these discussions with mutual respect for each other and the decision to end the discussions was not taken lightly. The credit unions want to thank their management teams and employees for their work and engagement in the process. With exceptional strengths and deep roots in their respective communities, both BlueShore Financial and Coastal Community remain committed to improving the financial well-being of their members. The credit unions will each continue to explore opportunities that align with their strategic goals and that are in the best interest of their respective members, clients, employees and communities.

If you have questions, please email communications@cccu.ca.