We will do AMAZING

                  things TOGETHER!

You voted. It’s official. We are all in!

Members of Évangéline-Central, Malpeque Bay, Provincial and Tignish Credit Unions have voted in favour of the merger.


Thank you to our members for your participation and support through the consultation and voting process. We’re delighted members voted in favour of the merger, seeing the benefits and opportunity we have to be Stronger for Members, today and tomorrow.



What our credit unions will become together

Our shared vision is to create a credit union that is competitive in the marketplace, provides great advice to our members, and is well-known for supporting our communities.


By working as one credit union, we will be stronger and more sustainable than we are separately. Together, we will be better able to invest in:

  • New and enhanced products and services our members need and want
  • Training, development, and career growth for employees
  • Projects and organizations that support our communities


This continues the tradition of a strong cooperative culture in PEI and will make us the largest credit union in Atlantic Canada.






in assets





Our Four Partners

Credit Union

Malpeque Bay
Credit Union

Credit Union

Credit Union

É-CCU was established in 2012 as a result of an amalgamation between Evangeline Credit Union and Central Credit Union, and now serves approximately 8,200 members with an employee base of 31 permanent full time in addition to a few part time and/or seasonal employees. As of August 2020, É-CCU has approximately $205 million in assets with branches in the communities of Evangeline, O’Leary and Tyne Valley. The Wellington branch of the credit union provides services in Canada’s two official languages.


Vision: To enable sustainable growth and well-being for all who work and live in the communities we call home.


Website: www.eccu.ca

MBCU was established in 1981 as a result of a merger between CFB Summerside Credit Union (charter 1962) and Kensington Credit Union (charter 1939). It currently has 5,160 members, assets of $150 million, a staff compliment of 20 and one branch serving the Central North Shore area of PEI from Reads Corner to Malpeque to Stanley Bridge to Kinkora.


Vision: Malpeque Bay Credit Union exists because of and for its members and our mission is to provide quality financial services that our members require and to continually strive to help improve the community we serve.


Website: www.malpequebaycreditu.com

PCU was formed in 2013, the result of a merger between Metro and Stella Maris credit unions. On January 1, 2015, Montague Credit Union merged with Provincial Credit Union, bringing the total number of branches to four – Charlottetown, Montague, North Rustico, and Stratford. PCU serves nearly 15,000 members from various communities in and around the four branches, employs approximately 65 staff and has approximately $475 million in assets.


Vision: Transforming your banking experience.


Website: www.provincialcu.com

TCU was established in 1937, and now serves 7,326 members with an employee base of 31. TCU has approximately $235 million in assets with two branches serving the communities of Tignish, Alberton and West Prince.


Vision: The mission of Tignish Credit Union is to provide competitive financial services tailored to meet the needs of our owners and their communities.




Website: www.tignishcreditu.com

What are the Benefits of this Proposed Merger?

Stronger for Members

Our merger will create savings that we can reinvest to provide our members with:

  • New and improved banking products and services
  • Better access to specialized expertise
  • Enhanced online and mobile banking services
  • Increased product options for local business
  • Continued community investment



Stronger for Employees

Our merger will enable our employees to serve you better by providing them with:

  • Enhanced training and career growth opportunities
  • Strengthened network of resources to support day-to-day service needs
  • Continued employment in the communities they love



Stronger for Communities

Our merger builds on our tradition of a strong cooperative culture in PEI to provide communities with:

  • Enhanced services and resources to support local community needs
  • Better access to funding for local businesses and organizations
  • Stronger and more diversified credit union focused on serving members’ long-term goals
  • Continued investment and support in the projects that make our communities stronger for everyone



The Areas we Will Serve

The new credit union will have 10 branches across Prince Edward Island as indicated on the map above. We believe that a credit union should understand their members and communities better than any other financial institution.

Key Dates



Boards of 4 partner credit unions decide to participate in exploration of merger and engage an experienced consultant to begin the planning.



Boards of 4 partner organizations approve Merger Concept Paper.

December 2020

2020 Executive Management Teams of all four credit unions complete Due Diligence review of each other’s operations and conclude there are no significant risks or concerns.



Boards approve Business Case and recommend merger to members for vote and approval.



Community Information Sessions will be held in each of the four partner credit union communities.

April 14-28


Members vote on the proposed merger in branch and at the Special Meetings of Members.


Click here for the Voting Details for your Credit Union.

October 1


If approved, the new credit union will take effect October 1, 2021.

The Merger Plan

Key Points from the Merger Plan

The four credit union boards have carefully considered the merger and approached the work as partners with equal say in how the merger will be carried out.




  • The four partner credit unions recognize that knowledge and connections to members and local community is a unique advantage. The proposed new credit union will make the most of this advantage and build on our values, trusted relationships, and community focus.
  • To go ahead with the merger, members from three of the four credit unions need to vote in favour. Provincial Credit Union needs to be one of the credit unions that proceeds. The three other credit unions requested this to ensure the scale of the new credit union is large enough to create the benefits of a merger for members.
  • The new credit union will be guided by a single board made up of an equal number of directors from each of the four partners’ service areas and have a unified strategic plan to guide the organization.



Business Goals

  • The business case projects profit growth of 56%, an increase of $5 million per annum, after five years. These earnings can be reinvested back into the business, creating greater value for members. An additional 34% in asset growth and 42% improvement in efficiency is forecasted for the same period. Following are examples of how increases in annual profit will be reinvested in the new credit union to create member value:
    • Enhance service to members
    • Enhance training and career growth opportunities for employees
    • Enhance the efficiency and effectiveness of operations
    • Invest in communities




  • The name of the new credit union will be determined following the member votes and prior to the effective date of the merged credit union.
  • Depending on regulatory requirements, the CEO will be selected with the help of a third party after the membership votes and prior to the effective date of the new credit union.
  • The new credit union will have a distributed workforce. This means leadership and administrative roles can be based in different locations across the full network.



Member Service

  • There will be no branch closures as a result of the merger.
  • The merged credit union will continue to provide bilingual services to its members at the Wellington/Evangeline branch, and that bilingual management oversight also be maintained.




  • Employees can and will continue to work in the communities they love. Employees will not be asked to relocate.
  • There will be no job losses as a direct result of the merger. As people retire or leave, we expect a minimal reduction in employment as we work to become more efficient.




  • The proposed credit union will maintain the traditions of its founding partners and ensure that all existing communities continue to be supported in a fair and equitable manner.
  • Beyond using products and services to support local communities, the combined credit union will have active donation, marketing and sponsorship, and community investment plans.



Due Diligence

  • The Executive Management of all four credit unions completed due diligence reviews of each other’s operations and concluded there were no significant risks or concerns. Areas that were included as part of this review include earnings, liquidity, capital, credit, human resources, risk management, regulatory and information technology.



Special Meetings of Members


Special Meetings of Members for Évangéline-Central Credit Union, Malpeque Bay Credit Union, Provincial Credit Union and Tignish Credit Union will be held Wednesday, April 28, 2021. There is limited capacity to attend these meetings and pre-registration is required, due to COVID-19 protocols.


These meetings have been called in accordance with Section 61 of the Credit Unions Act (the “Act”) to consider a Special Resolution approved each credit union Board to recommend an amalgamation and to put it forward for approval by members.


Every member has the right to express support or dissent to the proposed Special Resolution by participating in the voting process.


Click here to see the Special Meeting details for your Credit Union.

View our Stronger for Members Merger Plan

Frequently Asked Questions

To view the answers, simply click on the question.

  • Why are we doing this?

    This merger is about being even stronger for members, employees, and our communities.

    • We will be able to offer members more competitive and convenient products and services.
    • Employees will have more opportunities for growth and development.
    • We remain committed to supporting our communities and doing more as we grow.


    The boards of all four credit unions believe this is the best way forward to serve our members, provide employees with more opportunities, and grow our support to communities.


  • How will this affect me?

    You’ll continue to receive the same personalized service from the staff you know at your local branch.  No staff will lose their jobs because of the merger, and they will continue to live and work in the communities they love.


    Over time, you will have access to new and enhanced products and services. We will plan the merger to make the transition as smooth as possible for our members, and you will be kept informed throughout the process.

  • Will the Credit Union continue to support my community?

    Absolutely. All partners are committed to continued investment in our communities and our co-operative principles. Enhanced products and services will also allow us to better support the banking needs of the local businesses that help our communities thrive. Over time, the savings and growth from the merger will allow us to do more to support our communities.

  • What happens if we don’t do this?

    While we will continue to collaborate with the other credit unions, we all face an increasingly challenging future. There are important trends that make it more challenging to grow and respond to the competitive marketplace as individual credit unions. That includes investing in new technology, solutions to address evolving cyber-security threats, and the banking products and services our members want.


    Having looked at the options, all four boards agree a merger is the best choice to serve you and support our employees and communities for many, many years to come. It builds on our strong history of collaboration to successfully meet these challenges together.

  • Why do we need to be bigger? Are we turning our credit union into a bank?

    We are so much more than a bank! The new credit union will continue to honour our credit union values, centered around community and personal service. We pride ourselves on being able to support our members and serve them with honesty and integrity.  This is about working together to increase the benefits to members, communities, and employees.

  • Will I lose any services as a result of this merger?

    No. You’ll continue to experience the same personal services you’ve come to expect at each of our branches. For members of ECCU’s Wellington branch, your bilingual services will not be affected as a result of the merger.

  • Will members need to do anything when the credit unions merge?

    No. All four partners agree that minimizing member change and disruption will be a top priority. As integration progresses, we will advise members regularly of any upcoming changes.

  • As a member, will I be able to access my accounts at any of the locations of the new merged entity?

    Yes. All four partners can serve any members at every branch location.

  • Will there be any changes in staff at my branch?

    No. You’ll continue to see the same staff you’re used to dealing with at your branch. Employees will be able to live and work in the communities they love. In addition, the merger will enable new training, development and career growth for employees.

  • Will my branch close?

    Branches will continue to operate in all communities. There are no plans to close any branches as a result of the merger.

  • Will my community still have a voice in the new credit union?

    Definitely.  All partners are committed to ensuring we engage, advocate for, and invest in our communities. Becoming one new credit union helps us ensure we remain a strong vibrant contributor to our communities for years to come.

  • Will members see any changes to rates or fees?

    There will be no immediate changes to your rates and fees because of this merger. Over time, we expect the merger will create important savings that we can reinvest in the organization which will create better products and services for all members.

  • Will members see any changes to rebates or dividends?

    We expect member rebates will be maintained as is for the coming year. Going forward, each of the four partners are committed to creating value to best serve the interests of our members, our staff, and our credit unions.

  • What will be the new name for the credit union?

    The partners will engage a third-party provider to help us select a name for the new credit union. Provided members approve the merger, this process will begin after the member vote and include member engagement. While the details are to be worked out, we expect the new name to be selected before the merger takes effect on October 1, 2021.

  • Who will be the CEO?

    A third-party provider will be engaged to help us select the new CEO. Provided members approve the merger, the selection process will start after the member vote with the intent of having the individual in place to assist with merger preparation. The merger takes effect on October 1, 2021.

  • How will the new Board of Directors be formed?

    The inaugural board for the new credit union will consist of equally distributed regional representatives from each of the four founding credit unions.

  • What percentage of a “YES” vote is required for the merger to be approved by members?

    For member approval at each credit union, a two thirds (2/3) majority of the votes cast must be in favour of the merger. Member voting will take place at the branch locations of each credit union from April 14-28.

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