Jan 20
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COMING TOGETHER FOR YOU
“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
Who We Are
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
Benefits
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
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
FAQ's
Why are NLCU and Reddy Kilowatt Credit Union entering merger discussions? Today, credit union members and all Canadians are navigating a challenging economic climate characterized by higher prices, housing affordability, rising household debt, and trade uncertainty. At the same time, the financial services industry faces its own hurdles, including emerging technologies, increasing competition, and evolving regulations. The financial well-being of our members has always been our top priority. NLCU and Reddy Kilowatt Credit Union have already established a successful partnership to achieve shared goals. A merger between NLCU and Reddy Kilowatt Credit Union would further strengthen our capacity to offer our members enhanced service offerings and wider access, while ensuring long-term stability and growth.
What will the name of the merged credit union be? Reddy Kilowatt Credit Union operates a single branch and serves approximately 2,400 members. NLCU operates 12 locations across the province and serves more than 20,000 members. By retaining the NLCU brand, we can build on the recognition and trust we’ve already earned and minimize confusion for the majority of our combined membership, ensuring the smoothest and most cost-effective transition.
Do members have a say? Absolutely! Credit union members are owners of their respective credit unions and have democratic control of their financial institutions. The decision to merge ultimately rests with members of NLCU and Reddy Kilowatt Credit Union through a voting decision.
How will local communities benefit? “Community” is a core value at NLCU. Concern for community is also one of the core principles at Reddy Kilowatt Credit Union. Both credit unions are committed to helping build strong, successful communities. Together we can invest even more in areas that are important to members, deepening our commitments to local community support and employee volunteer initiatives.
“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
News
Latest News
NLCU Address
240 Water Street
St. John's NL
A1C 1B7
NLCU Phone
1-800-563-3300
NLCU Connect
Reddy Kilowatt Credit Union Address
885 Topsail Road
Mount Pearl NL
A1N 2C2
Reddy Kilowatt Credit Union Phone
1-800-409-2887
Reddy Kilowatt Credit Union Email
Reddy Kilowatt Credit Union Connect
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