Members approve merger between NLCU and Reddy Kilowatt Credit Union

Reddy Kilowatt Credit Union in Mount Pearl. Photo Kyle Brookings

Members of Newfoundland and Labrador Credit Union and Reddy Kilowatt Credit Union have voted in favour of a proposed merger, clearing the way for the two financial institutions to combine operations.

The vote took place between April 20 and April 27, with results announced during separate virtual special meetings held on Thursday evening.

“This is a significant day for our members and the communities we serve,” said NLCU CEO Glenn Bolger. “By coming together, we are building a stronger, more resilient credit union that can better meet the growing banking needs of our members while remaining deeply rooted in our local values.”

The combined entity is expected to offer an expanded branch network, along with enhanced products and services and increased investment in technology.

Reddy Kilowatt Credit Union board chair Carl Bishop said members supported the long-term vision behind the merger.

“This merger is about growth and opportunity, ensuring that our credit union continues to thrive for generations to come,” he said.

The merger is still subject to final regulatory approvals, with a target integration date of Jan. 1, 2027. Until then, both credit unions will continue to operate independently, and members can continue their banking as usual.

Further information on the transition is expected to be shared with members in the coming months.