Tignish group opposes proposed P.E.I. credit union merger

A group has come together to fight against a proposal to make Tignish Credit Union part of a major merger of credit unions in P.E.I.

Next month, members of the Tignish Credit Union, Évangéline-Central Credit Union, Malpeque Bay Credit Union and Provincial Credit Union will vote on a merger.

The boards of Consolidated Credit Union, Morell Credit Union and Souris Credit Union elected not to participate in the potential merger.

Cletus Dunn and Russell Gallant, former board members of Tignish Credit Union, are leading the Save Tignish Credit Union campaign. The group was represented at an information meeting held by the credit union Wednesday evening.

"The common concern last night around on the floor when people stood to speak was that they're losing control," said Dunn.

"The Tignish Credit Union would become a thing of the past. All things would be running through Charlottetown."

Facing new challenges

The merger is being proposed to provide more modern services to members.

Gallant said they acknowledge that small credit unions have challenges in providing new services, but said credit unions can work together to do that without merging, as they have in the past to provide credit cards to members.

"I don't think we have to give up ownership and control of our credit union," he said.

"If we sign up there, the $214 million that we as residents of Tignish and surrounding areas have built up over the last 80 plus years, they're gone. They're in a central fund. We're not masters of our own destiny anymore."

Bernard Gillis, CEO of Provincial Credit Union in Charlottetown, said the merger does not mean giving up control. Each of the four partners in the merger would have equal representation on the new board.

"The merger will make us stronger into the future," said Gillis.

"The four credit union boards decided merging was the best way to be sustainable going forward, allowing us to continue serving our members while providing employees with more opportunities and growing our support for communities "

A two-week voting period for credit union members will begin April 14, with the intent for the merger to go ahead Oct. 1.

More from CBC P.E.I.