We can do amazing things together.

Recognizing our past, with our eyes towards a stronger future.

 

 

 

Évangéline-Central Credit Union (É-CCU), Malpeque Bay Credit Union (MBCU), Provincial Credit Union (PCU) and Tignish Credit Union (TCU) are committed to providing members with the best possible service and advice while supporting the communities we do business in.

 

Four credit unions, Évangéline-Central Credit Union (É-CCU), Malpeque Bay Credit Union (MBCU), Provincial Credit Union (PCU) and Tignish Credit Union (TCU), are exploring a merger to create a new single credit union that can provide stronger services and advice to all our members. The proposed credit union will increase efficiencies allowing us to reinvest more into our people, our products and our communities.

 

The shared future vision is a credit union that is competitive in the marketplace, provides great advice to our members, and is known for supporting our communities. If our vision is successfully implemented, within five years it is anticipated that our financial, member, employee, and community goals, will be realized.

 

 

What our credit unions can become together

Our commitment to each other is what gets us excited about this opportunity. Sharing knowledge, strengths and purpose with aligned cooperative values empowers each of our organizations in ways that would have not been possible on our own. While our stats will grow, our commitment to our local Island communities remains the same.

$1.1B

in assets

35,000

members

147

employees

1

vision

Our Four Partners

Évangéline-Central
Credit Union

Malpeque Bay
Credit Union

Provincial
Credit Union

Tignish
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.

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.

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.

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.

What are the Benefits of this Proposed Merger?

Stronger for Members

The new credit union is expected to eliminate duplicated costs incurred by the four credit unions. The efficiencies gained can be invested in the technologies and skills required to deliver enhanced products, more convenient services and more specialized advice to members. The new credit union is expected to have the capacity to develop employees with specialized skills to strengthen the operations of the credit union and the quality of advice and service provided to the membership through expanded delivery channels.

Stronger for Employees

The new credit union is expected to empower all employees to develop their careers across a broader network, with more variety of roles and opportunities, than is currently available. A stronger, single credit union is expected to offer increased opportunities for personal advancement for employees without the need to relocate.

Stronger for Communities

The new credit union is expected to be better positioned within the fast-changing financial services industry  to invest in our local communities with more resources and support. With a stronger financial position, the new credit union will have the capacity to support community programs with new services and resources that are optimized for the local realities.

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.

Proposed Schedule and Timeline

Frequently Asked Questions

  •  Why are you exploring merging into a new credit union?

     Being part of one new credit union is expected to offer the products, services and expert advice you are seeking when you need it, leveraging a larger size to launch new products and services faster and with less expense.

  • Will the service change? Will there still be the personal touch/ bilingual service/ person answering the phone when I call?

    Credit unions are built on the principles of people first, banking second. If we move forward with one new credit union, it will continue to offer the industry leading personalized service you expect from us, but now it will be island-wide.  In the future, you can expect to see enhancements in our services in order to more effectively serve your needs.

     

    Bilingual services will not be affected as a result of the merger.

  • What happens to the staff?  Will there be job losses?

    There will be no job loss as a direct result of the merger.  Staff will continue to be able to live and work in the communities they love, and will in turn see additional opportunities made available for growth, development and specialization.

  • Will my branch be affected?

    Branches will continue to operate in all 10 communities, and there are no plans for branch closure as a direct result of the merger. You can expect to see an enhanced level of service and support in branch as one of the primary benefits of one new credit union.

  • Will the Credit Union continue to support my community? Will my community still have a voice?

    Absolutely. All partners credit unions are committed to the continued engagement, advocacy for, and investment in our communities.  The new credit union would be built on the exact same foundational co-operative principles.

  • What does this mean for my accounts/products?

    Your accounts will stay the same, but in the future the new Credit Union may be able to offer more competitive rates, enhanced products, and more convenient services.

  • Are you turning into a bank?

    Absolutely not! Our Credit Union Values, centered around people, community, and personal service shall always remain at the core of every decision.  We pride ourselves on being able to support our members, and serve them with honesty and integrity. We’re here for you.

  • Will our rates change?

    All Credit Union members will continue to receive an equal or greater benefit, which may come in the form of rebates/dividends, more competitive rates, or a combination model for the future.

  • Will we continue to receive rebates/dividends?

    All Credit Union members will continue to receive an equal or greater benefit, which may come in the form of rebates/dividends, more competitive rates, or a combination model for the future.

  • Will the name of the Credit Union change?

    There will be a formal process for selecting the name for the new Credit Union. Details will be announced at a later date.

  • Will I be able to go into any of these credit unions, once merged, and get the same service as where my account is currently held?

    YES. This is one of the many benefits that members will enjoy as a result of the merger.

  • When will the vote happen?

    The Member vote will happen in the Spring 2021.

  • What % of a “YES” vote is required to pass the merger?

    In order to pass, two thirds (2/3) plus one(1) of members must vote in favor.

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© 2020 PEI Credit Unions

All rights reserved

 

 

Évangéline-Central Credit Union

Malpeque Bay Credit Union

Provincial Credit Union

Tignish Credit Union