The proposed merger is about taking all that is great about our credit unions and making it even better. By combining our teams, our expertise and our assets, we expect we will be stronger, better able to respond to increasing member needs, innovation in technology, regulatory requirements and heightened competition, and we’ll have increased lending capacity to serve the growing needs of our economy and business community.

1. As members, your financial needs and expectations of your financial institution are changing. We want to continue to be your trusted source of financial advice and be part of this community for many years to come, offering you the benefits of local, knowledgeable, and expert staff to help you reach your unique financial goals.
2. The regulatory environment, as you would expect, financial institutions must comply with regulations of multiple regulatory bodies. Instances of money laundering, cybercrime and fraud on the rise and we foresee regulatory bodies requiring heightened oversight and therefore increased regulatory costs having to be borne by financial institutions as they continue to meet the regulators requirements as we all fight financial crime. These imposed expectations and rules create additional burden for a small credit union and will require skilled labour or technological resources that are difficult or costly to implement in smaller communities. The safety and security of our member assets and personal information is of utmost importance as we continue to strive to meet regulatory requirements.
3. Innovation in technology is rapid and costly, and small credit unions like ours can find it difficult to keep up with competitors’ product and service offerings — we always feel like we are trying to play catch up with our Credit Union peers never mind the major Canadian banks who have made the transition to digital their priority and therefore setting the stage for all financial institutions as we compete to meet the needs of British Columbians.
4. The economic and competitive landscape is changing for financial institutions. The competition is vast and consumer expectations are being redefined as digital giants such as Apple, Google and Amazon challenge the status quo with innovative digital offerings that consumers are readily being drawn to – this includes banking.
5. Attracting and retaining skilled staff has become, and we expect will continue to be, very challenging. Many businesses are facing staffing shortages and are finding it challenging to find the more specialized skills that are needed to meet new and more complex demands. The Proposed Merger with Interior Savings brings with it greater scale and therefore we expect it will bring with it greater access to shared expert resources, and more opportunities for staff to expand their knowledge and develop their careers as part of a larger entity.

With a merger we expect more products and services will be available for our members, as well as more ways and more places within BC’s Interior for you to connect with us.

For members of North Peace Savings, some of the anticipated benefits of merging with Interior include:

• Expanded branch network will include 25 branches spanning 18 BC communities, from Northeastern BC through the Cariboo and Thompson Okanagan.
• Access to more affordable chequing accounts, less expensive mortgage and loan rates and better deposit rates than are currently offered to North Peace Savings members.
• Added convenience from a member service centre that provides online, video conferencing and telephone support six days a week with extended hours.
• Access to a broader wealth management offering including individual equities, expertly managed accounts, and an Investment Solutions Centre accessible to all members via phone and video.
• Access to general insurance services (property and casualty, commercial and Autoplan).
• Access to a mobile mortgage team that provides personalized support outside of standard hours.
• Member service made stronger through enhanced employee development and training, and an improved ability to attract and retain highly skilled employees.
• Significantly higher commercial lending limits and substantially increased capability to lend to Northeastern BC communities.
• Enhanced digital and mobile services including introduction of payment solutions such as Apple Pay, Google Pay and Samsung Pay.
• Participation in Interior Savings’ Member Rewards profit sharing and Million Dollar Bursary Programs.
• The creation of a $1 million North Peace Community Legacy Fund for distribution to worthy initiatives in North Peace Savings’ existing communities.

Read more about the benefits in the Members’ Guide to Understanding the Proposed Merger.

Our employees are the heart of our Credit Union, helping members reach their financial goals while growing and protecting the financial health of the credit union. Through this merger, we expect to provide North Peace Savings employees with enhanced training, expanded scope of responsibilities for many roles, more employment options and access to additional employee programs. As well, total compensation (salary, benefits, etc.) is expected on average to be higher, when considered as a package, and improved benefits when considered as a whole.

Through the years, both Credit Unions have made significant and important investments in community. Combined, we’ll have even greater ability to create positive and lasting change across Northeastern BC and the BC interior. A $1,000,000 North Peace Savings Community Legacy Fund that is dedicated for exclusive use in the North Peace and Northern Rockies areas will be established to set our path forward. This is in addition to Interior’s Million-Dollar Bursary Program and Community Investment Fund which will now also benefit our region.

Furthermore, employees will be able to participate in a volunteer program with paid time to volunteer, pledges for staff raising funds and recognition and awards for staff reaching volunteer milestones.

Our credit unions are committed to providing you with same high-quality, personal service that exists today.  At the time of the initial merger, you will notice little change to your banking and you can continue to bank as you normally would.

Over time, we will integrate our systems and operations so that you will have more products and services available to you, as well as more ways and more places within BC’s Interior to connect with us, including an expanded network of 25 branches.  Our goal is to minimize disruption as much as possible throughout this transition.

You will continue to enjoy the same guarantees with respect to your deposits through the Credit Union Deposit Insurance Corporation of British Columbia.

For the initial period following the merger, you should notice little change to your branch and how you bank. Members of both Credit Unions will retain their current products, accounts and other financial services unless you choose otherwise.

Over time, you can expect the same, or complementary, products and services that you currently enjoy, with North Peace Savings members gaining access to additional products and services not previously available. Furthermore, due to increased scale, we expect members of North Peace Savings will see lower account fees and better rates than North Peace Savings could offer on its own.

You will not need to change anything, and your direct debits and other arrangements will continue to function as you expect.

Following the merger, you can expect to be served by the same smiling faces you’ve come to know.  Both credit unions are committed to exceptional service to their members. During the integration process, we will develop a plan to enhance member experiences where service, responsiveness and a friendly approach will be primary considerations. The plan will include employee training programs to ensure employees are empowered to deliver the personalized service you have come to expect, whether you choose to bank online or in a branch.

A key factor that led the boards of both Credit Unions to recommend this merger was our common set of values.   We both focus on maintaining the human connection in banking and staying true to our credit union roots where people come before profits and members are not just a number and our members’ hopes, dreams, needs, and financial success are at the center of all we do.

Together, we will continue to operate as a credit union and uphold the cooperative principles and values that both organizations were built upon. Your deposits will still be 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia. Every member will continue to have an equal say in how the Credit Union operates. The Credit Union will continue to remain focused on supporting the communities in which it serves—and with our combined assets, we will be able to give back even more.

Regardless of our size, our ability to create a sense of community is a result of the cooperative principles we abide by: local ownership, democratic decision making, and concern for community. Both Interior Savings Credit Union and North Peace Savings and Credit Union operate with similar values and a shared purpose of keeping the human touch in banking.  Local connection and local decision making will always be critical to living this purpose.  The employees in each community are the face of our Credit Union and know the people and the needs of their community best.

Also, to recognize the legacy of North Peace Savings and Credit Union, as part of the Asset Transfer Agreement, a North Peace Savings Community Legacy Fund will be created, which will hold $1,000,000 for distribution to worthy groups and initiatives in the North Peace and Northern Rockies areas.

Should the North Peace Savings and Credit Union membership vote in favour of the Proposed Merger, the two Credit Unions would officially merge on July 1, 2023.

Voting on this Special Resolution will be available to eligible members and will be conducted in branch during regular branch hours via electronic means. Eligible members that are unable to attend a branch for in-branch electronic voting may call us prior to May 8, 2023 at 1-877-787-0361 and arrangements will be made to provide such eligible members with their unique voting credentials as well as access to a secure online portal through which electronic votes may be cast remotely.

The voting period will commence on May 8, 2023 and end on May 12, 2023. Click here for more information on voting.

The Members’ Guide to Understanding the Proposed Merger is your best way to learn more about member and community benefits, costs, risks, management structure, the voting process, and how the two credit unions are aligned. Download the guide here or pick up a copy at your local North Peace Savings Branch. We will also send you a copy in the mail in early April.

We also encourage you to review the Supplementary Information Package (here or get a copy in-branch) which includes the full Asset Transfer Agreement, along with other useful information such as the BCFSA letter of consent, a review of alternatives considered, a copy of Interior Savings’ rules and profiles of the directors and CEO of the proposed combined credit union.

The boards of both Credit Unions have enthusiastically and unanimously approved this Proposed Merger for the benefits it offers the members, employees and communities of both credit unions.  As a member, we encourage you to consider the board recommendation in your decision.  If the Proposed Merger is not approved by members, each credit union will continue to operate as it does today however, it may be increasingly difficult to offer improved services.

As the assets of North Peace Savings will be acquired by Interior, the legal name of the combined credit union will be “Interior Savings Credit Union” however it is intended that operations in the region will continue under the brand name “North Peace Savings”. In the years ahead, we will explore a brand refresh that continues to recognize the distinctness of the North Peace region while creating a connection to the Interior Savings brand. This will be important as members will eventually be able to do their banking at any branch of Combined Interior.

The board of directors and executive leadership team for the combined credit union have been selected based on their experience, expertise and proven ability to build successful, values-based credit unions that are recognized for moving ahead while giving back to their communities. Current Interior Savings President and CEO, Brian Harris, will assume the role of President and CEO of the combined credit union.  You can read more about the leadership structure in the Members’ Guide to Understanding the Proposed Merger.

The Board of Combined Interior will be comprised of Interior Savings’ current board members and be expanded to include one additional director for a three-year term, to be appointed from North Peace Savings’ existing Board.  Tracey Wolsey, North Peace Savings’ current Board Chair will be appointed to this position.

Each year, there is a board election and there are typically 4 board positions up for election. All members from all locations will be eligible to be nominated to serve on the board.  You can read more about the structure of the combined credit union in the Members’ Guide to Understanding the Proposed Merger.

We know change can be unsettling and there are a number of things we plan to do to confirm our commitment to our employees. Upon the effective date of the Proposed Merger, all non-executive employees will be offered continued employment with Combined Interior on substantially the same terms and conditions and with a job guarantee for a minimum of 12-months. All members of the executive team of North Peace Savings will be offered continued employment with Combined Interior with roles, terms and conditions determined within ten days of a successful member vote and at the discretion of the CEO of Combined Interior.

For a minimum period of three (3) years after the effective date of the merger, all branches of North Peace Savings will continue to be open and operate. At present, Interior has no plans or intentions to modify, suspend or cease the hours or operations of any North Peace Savings branch. There is not expected to be any immediate rebranding of North Peace Savings branches, except for the removal of the words ‘Credit Union’ in the brand name ‘North Peace Savings’.

The credit union landscape is evolving, and we expect there may be more opportunities for consolidation in the credit union system in the years to come.  With increased scale, both Interior and North Peace Savings boards see an immense opportunity to deliver improved products, services, digital experience and rates to members, all while maintaining local community investment and decision making that is core to our shared credit union values.

While the federal option was reviewed as part of the strategic planning process, it is not something either credit union wishes to pursue at this time.

The merger is being structured such that North Peace Savings members will be asked to approve the transfer of their assets to Interior Savings. The method of the merger was jointly decided on by both Boards of Directors. They agreed that an asset transfer was the most practical way to merge, so that they can focus on bringing together the best of both credit unions to create something better.

While the members of Interior Savings will not be required to vote on the transaction, we invited them to complete a survey earlier on in the process to share their thoughts. We welcome Interior Savings members to share any further questions or comments with us by emailing strongertogether@interiorsavings.com.