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COMING TOGETHER FOR YOU
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Who We Are
Established in 1957, NLCU provides a full suite of banking services to individuals and businesses in the province. The largest credit union in Newfoundland and Labrador, NLCU operates 12 branches, including an NLCU Business Centre, and a Member Solutions Centre. It employs approximately 130 people and serves more than 20,000 members, who are its customers. Website: nlcu.com.
Reddy Kilowatt Credit Union has been committed to fulfilling its members' banking needs since 1956. Service excellence delivered against a backdrop of strengthening the communities in which it operates have been key drivers to success. With approximately 2,400 members across the province, the credit union's assets are $108M. Visit reddyk.net to learn more.
“Reddy Kilowatt has a proud history of serving our members, and we see real potential in working alongside NLCU. These discussions allow us to thoughtfully explore how we can expand capabilities, strengthen our cooperative model, and continue delivering exceptional member experiences.”
Michelle Ward, General Manager, Reddy Kilowatt Credit Union
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“NLCU and Reddy Kilowatt Credit Union have long shared a strong commitment to member service, community impact, and cooperative principles. By entering these discussions, we are exploring how we can bring our strengths together to create an even stronger organization for the future.”
Glenn Bolger, CEO, NLCU
Benefits for members:
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More diverse suite of products and financial solutions
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Increased investments in innovative tools and services
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Expanded branch network to 13 locations
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More easily respond to existing and emerging risks
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Create the scale needed to be competitive for long-term sustainability
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Greater lending capacity and tailored support for business members
Benefits for employees:
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Employee experience that prioritizes well-being and professional growth
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New career pathways
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Enhanced training, mentorship, professional development
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Improved tools, technology and systems to support effective work and exceptional service
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A shared passion for supporting members and cooperative banking
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Ability to make an even greater impact on our communities
Benefits for the community:
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More reinvestment into the communities we serve
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Increased opportunities for employees to engage in meaningful local initiatives
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Continued support for local partnerships, programs and priorities
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A strengthening of values-based banking where community impact is central to how we measure success
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Growth that strengthens, not replaces, our local roots
Benefits for a stronger credit union:
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Increased resilience to navigate changing economic, regulatory, and competitive environments
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Greater capacity to invest in technology, people, products, and services
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A foundation built for long-term sustainability innovation and leadership in a rapidly evolving financial landscape
If you have any questions or concerns about the proposed merger, we want to hear from you:
Reddy Kilowatt Credit Union: rkcu@reddyk.net
NLCU: email@nlcu.com
What Are The Benefits
“This is an exciting step for both organizations. Our Boards are aligned in their commitment to transparency, collaboration, and putting members first. We are optimistic about the possibilities this process presents”
Carl Bishop, President and Board Chairperson, Reddy Kilowatt Credit Union
FAQ's
Why have Reddy Kilowatt Credit Union and NLCU entered merger discussion? Challenging economic climate: - Higher prices - Housing affordability - Rising household debt - Trade uncertainty Challenges in financial services industry : - Emerging technologies - Increasing competition - Evolving regulations NLCU and Reddy Kilowatt Credit Union have established a successful partnership A merger between our credit unions would: - Further strengthen capacity to offer enhanced service offerings - Widen access to services - Help ensure long-term stability and growth
What will the name of the merged credit union be? The name will be Newfoundland and Labrador Credit Union Limited, which we refer to as NLCU. - Reddy Kilowatt Credit Union operates a single branch and 2,400 members - NLCU operates 12 locations and serves more than 20,000 members. - Retaining the NLCU brand builds on the recognition and trust we’ve already earned and minimizes confusion for most of our combined membership, ensuring the smoothest and most cost-effective transition
What are the advantages for our members to merging credit unions? The financial well-being of our members has always been our top priority and has been the primary catalyst for continuing merger discussions We see several benefits arising from this merger for our memberships: - More diverse suite of products and financial solutions - Increased investments in innovative tools and services - Expanded branch network to 13 locations - More easily respond to existing and emerging risks - Create the scale needed to be competitive for long-term sustainability - Greater lending capacity and tailored support for business members
If the merger is approved, when will it become official? The amalgamation shall become effective on the date shown in the Certificate of Amalgamation issued by the Superintendent of Credit Unions Proposed date is January 1, 2027
What happens with our boards of directors? The proposed inaugural Board of Directors of the Amalgamated Credit Union will be comprised of 9 current NLCU board members and 3 current Reddy Kilowatt Credit Union board members This will help with the transition as we prepare for the merger After one year, the board will be reduced to 9 members through the regular voting process at the time of the AGM
How will this affect our credit unions’ employees? All employees will retain their employment and they will benefit from this merger in numerous ways: - Employee experience that prioritizes well-being and professional growth - New career pathways - Enhanced training, mentorship, professional development - Improved tools, technology and systems to support effective work and exceptional service - Ability to make an even greater impact on our communities
Who will lead the merged credit union? The amalgamated credit union will be led by: - Glenn Bolger, Chief Executive Officer, NLCU - Shane Flight, Chief Operating Officer, NLCU - Jim Mayo, Chief Financial Officer, NLCU
Isn’t this more like a takeover of Reddy Kilowatt Credit Union? Not at all! NLCU and Reddy Kilowatt Credit Union have already been working together on shared services for several years. This proposed merger is a mutually beneficial and agreed upon step between both credit unions.
What happens if NLCU and/or Reddy Kilowatt Credit Union members vote against the merger? Credit union members are owners of their respective credit unions and have democratic control of their financial institutions. If either membership votes against the proposed merger, all merger talks and integration activities would cease immediately. Both NLCU and Reddy Kilowatt Credit Union would continue to serve our respective memberships under our current governance structures and boards
If the members vote in favour of this merger, what happens next? If both memberships approve this merger by special resolution, it will then go to our regulator, the Superintendent of Credit Unions, for approval and issuance of a certificate of amalgamation
“Our Board is excited to explore a partnership that aligns so well with our values and long-term vision. These discussions are about growth, opportunity, and ensuring we continue to meet — and exceed — the needs of our members for generations to come.”
Maureen Singleton, President and Board Chairperson, NLCU
