THUNDER BAY -- A pair of local credit unions say a merger between them just makes sense.
Bay Credit Union CEO Lea Matyuska and Apple Community Credit Union CEO Lynne Legros were at a conference in Toronto when they started discussing the possibility of merging the two.
Matyuska said from better profit-sharing and better services to sharing resources, the deal, which could happen as early as next May, is a win-win. The 3,400 members of Bay get e-transfers, while the 1,500 Apple members get access to ATMs and Saturday banking.
"They all seemed to really fit into place," she said.
Legros, who will take over as CEO for both branches as Matyuska is set to retire, agreed.
"There's really no downside," she said. "It's better for staff, it's better for members."
The two combined would also have about $60 million in assets.
Matyuska said no staff would be lost if the merger, which is subject to membership approval and a steering committee with members from both boards. Both branches would also stay open and will likely keep their two names.
"So that we keep our legacy, which is very important to the membership," Legros said.
