I am writing to express my concerns regarding the proposed merger between Copperfin Credit Union and Northern Credit Union. As a member of Copperfin, I strongly believe that this merger is not in the best interest of our Copperfin credit union and its members. It will lead to less competiton, and be a net-negative for northwestern Ontario in the long-run.
In contrast, Northern Credit Union has $1.8 billion in assets for 70,373 members, translating to only approximately $25,577.99 per member. This significant difference in deposit per member indicates that Copperfin is more financially stable and efficient in managing its resources. Furthermore, when it comes to operational efficiency, Copperfin outshines Northern Credit Union.
Copperfin’s lending practices have been marketed as being responsive to the local business community – with decisions made locally. On the other hand, Northern Credit Union follows a bureaucratic and centralized approach where all decisions are made at its headquarters in Sault Ste Marie and call centers near Petawawa. If this merger follows other credit unions which merged with Northern, this will mean no major decisions will be made in Northwestern Ontario.
Alternatives to the “big six” banks in Canada include a range of small banks and a collection of credit unions. Northern is one of Ontario’s largest credit unions by membership. Much of its growth has been through the acquisition of smaller credit unions; should the Copperfin merger proceed, Northern would in effect be one of Ontario’s largest 6 by membership.
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