Credit union merges with Thunder Bay CU

Mike Eliuk, Chairman of the Board of Directors of Northern Lights Credit Union, and Steven Harasen, President of the Board of Directors of Great Lakes Community Credit Union, announced that the Board of Directors of Northern Lights Credit Union and the Board of Directors of Great Lakes Community Credit Union have approved and signed an agreement to amalgamate the two Credit Unions.
They stated that, on approval of the Minister of Finance and the shareholders of both Credit Unions, the amalgamation will take effect on March 31, 2003. They also stated that shareholder meetings will take place on January 15, 2003 in Dryden and January 16, 2003 in Thunder Bay.
Northern Lights Credit Union was originally chartered in 1947 and has grown to have $88 million in assets, with branch locations in Dryden, Fort Frances, Ignace, Rainy River, Sioux Lookout and Vermilion Bay. Great Lakes Community Credit Union was originally chartered in 1941 and has grown to $27 million in assets, with one location in Thunder Bay.
Mr. Harasen stated the members of Great Lakes Community Credit Union will now have access to their accounts and Credit Union services throughout the western part of the province and expanded access throughout Thunder Bay. He announced that the amalgamated Credit Union would be opening at least one other location in Thunder Bay, by the end of 2003.
Mr. Eliuk stated the members of Northern Lights Credit Union would now have access to their accounts and Credit Union services in Thunder Bay. He noted that with a combined asset base of $115 million, the amalgamated Credit Union will be better able to continue the expansion of services to its combined membership of 16,000 members throughout Northwestern Ontario.