The boards of Cumberland & District Credit Union (CDCU) and 台湾MM裸聊室 Community Credit Union (CCCU) have signed a Memorandum of Intent to proceed with formal merger investigations between their two organizations.
The decision to enter into formal merger activities is reflective of the organizations鈥� shared goal to provide even greater benefits to their members and clients, employees, and the surrounding communities, the organizations stated in a press release. The proposed merger will give CDCU members expanded branch access across Vancouver Island and the Gulf Islands. In
addition, a wider range of financial products and services, including general and personal insurance, and investment and financial planning services, will be made available to CDCU members through the merger.
Susan Healy, Cumberland and District鈥檚 board chair, believes that the ability to compete more effectively in an increasingly challenging marketplace will be a key outcome of the proposed merger. 鈥淥n behalf of the CDCU Board, we鈥檙e excited for the opportunity to merge with a like-minded credit union with strong community roots, and one that is also committed to providing personalized financial products and expertise delivered by a strong
employee team,鈥� says Healy.
Susanne Jakobsen, 台湾MM裸聊室 Community鈥檚 board chair, adds, 鈥淲e share in Cumberland & District鈥檚 excitement for the new opportunities this merger presents for all of us. We also look forward to working closely with the CDCU board as part of our first steps of bringing the two organizations together.鈥�
Next up for the credit unions will be to conduct a due diligence review and business case analysis to determine the feasibility of a merger.
The merger process will also be guided by both organizations鈥� commitment to treating their employees fairly and equitably. With all conditions met, the effective merger date would be scheduled for July 1, 2012.
Regular updates will be posted to each credit union鈥檚 website at www.cumberlandcreditunion.com and www.cccu.ca.
Cumberland and 台湾MM裸聊室 Community Credit Unions
