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Copperfin & Northern Merger Passed

Exciting news! Northern Credit Union and Copperfin Credit Union have marked a significant moment in our journey as we happily announce that our members have supported our merger. We anticipate to officially close on January 1, 2025.

This achievement wouldn't have been possible without the unwavering support of our members, to whom we extend our heartfelt gratitude. Your dedication to the credit union philosophy has been instrumental in reaching this milestone.

Throughout the last year, we engaged with our members, team members, and communities, listening attentively to their invaluable insights and feedback. We express our sincerest appreciation to every member who participated in this process. For more details, please refer to our member guide.

While both credit unions will maintain their current operations for the remainder of 2024, we are embarking on a thoughtful short-term and long-term integration plan. Our commitment to transparency and open communication remains at the forefront, and we will keep you updated on progress as it unfolds.

We are so excited about our future as we aim to build Northern Ontario’s strongest, most resilient credit union for current and future generation to come.

Read Full Press Release

CEO Coffee Talks

Will the merger affect members day to day banking?

In this video, we aim to provide members with clarity on the potential impact of our merger on their daily banking experience, touching on possible service disruptions, and reassurance that keeping their banking experience smooth remains a top priority, while inviting members with concerns to reach out for personalized assistance.

How will this impact the staff at Copperfin and Northern?

Learn the significant benefits of the merger for our valued team members, including opportunities for professional growth and development, the creation of more specialized positions, expansion of roles, collaboration, and fostering a sense of unity and collaboration.

About the Partnership

Copperfin Credit Union and Northern Credit Union are working to forge a future forward and unite the North. United, the two credit unions are positioned to have the strategic vision, skills, and capacity to make a difference for their employees, and members, and advance the lives of the people and communities they serve.

Our members are at the heart of everything we do. We regularly and proactively seek out opportunities that help us remain competitive, relevant, sustainable, and true to our local roots, so we can continue to provide value to our members and our communities for years to come. With the shared interest in creating value for our members and strengthening our northern communities, the Board of Directors from Northern Credit Union and Copperfin Credit Union have come together to explore the possibility of a merger.

Why Your Involvement Matters

We are thrilled that our merger has been approved, marking the beginning of an exciting journey of growth, collaboration, and innovation. Your participation as valued members of our dynamic organizations have been pivotal in molding the success of this partnership. Collectively, we have the opportunity to build a more robust, adaptable, and resilient organization that excels in overcoming challenges and generates new opportunities for our members, employees, and communities.

Your loyalty and commitment are the driving force behind our collective achievements. Together, we are not just a part of a merger; we are shaping the history of our new organization.

Amalgamation Agreement

The Amalgamation Agreement is a legal document outlining terms and conditions for the merger of Northern Credit Union and Copperfin Credit Union into a single entity. It addresses rights and responsibilities, treatment of financial assets, governance structure, operational details, and other provisions essential for successful integration.

View the Complete Agreement

Member Guide

In this guide, explore the various benefits that this merger will bring to members, employees, communities, and the credit union system. By doing so, you will develop confidence in recognizing why this amalgamation is indeed advantageous for our members, employees, and the communities we serve.

Download the Member Guide


2.469 Billion
in Assets



For Members

Increased ability to invest in new technology, innovative products and services, and tools to meet evolving needs.

Greater access to expertise and knowledge to solve unique needs.

Larger employee base that is dedicated to understanding needs and finding solutions to match.

Expanded branch network to bank where, when, how you want.

For Team Members

New career opportunities and specialized roles with greater professional development across a broader network.

A culture that builds on our combined strengths.

Access to additional skill sets and expertise.

Additional tools and resources that support a healthy work-life balance.

For Communities

Increased ability to support the communities in Northern Ontario.

Greater ability to invest and foster meaningful connections and contribute to our economies.

More opportunities to contribute time and money to the communities and causes that matter to our members.

Increased capacity to serve larger businesses allowing for stronger financial service needs met by a local credit union.

“We are thrilled to announce that our members have voted in favour of the proposed merger. This is a historic moment for both Northern Credit Union and Copperfin Credit Union, as we come together to create a stronger, more resilient organization. Our combined strengths will allow us to better serve our members, invest in innovative solutions, and support the growth and prosperity of our communities. Thank you to everyone who participated in this important decision. Together, we are excited to embark on this new journey, committed to excellence and member satisfaction.”
— Sue Klatt, Board Chair, Northern Credit Union and Robert Jankovic, Board Chair, Copperfin Credit Union


January 2023

Exploring a Merger

In early 2023 the Board of Directors of both Credits Unions initiated merger discussions to explore the synergies of the two organizations.

August 2023

Exploring a Merger

The Boards confirmed their commitment to ongoing merger discussions.

October 2023

Due Diligence Kick Off

Due diligence begins to review key areas of the business to ensure reasonable care has been taken and mitigate any unforeseen risks.

November 2023

Exploring a Merger

The Boards of Directors approved the concept paper to proceed with the critical work that needs to bring the two organizations together.

January 2024

Member Survey

Member survey facilitated through a third party to gain valuable feedback on perceptions of the merger.

Due Diligence Findings

Due diligence anticipated to be completed.

Board Review and Approval of Due Diligence

Board approval of due diligence.

February 2024

Board Approval of Business Case

Board approval of business case.

March 2024

Business Case Submission

Business Case Submission.

April 2024

Member Survey

April 8 – 17

Make your voice heard and shape the future of our combined entity. On April 8, 2024, watch for a link to share your insights and thoughts on our upcoming partnership. Your insights about our mergers are crucial as we navigate this journey together!

By participating in the survey, you can influence the decisions we make and help shape the future of our credit union.

May 2024

Special Meeting of the Members Announced

Special General Meeting announced to members.

Member Information Session

May 29, 2024 | 5:30 p.m. ET

Mark your calendars and join us for a virtual information session with the leaders shaping our future! You'll have the exclusive chance to engage directly with the CEOs from both organizations. Discover the vision, ask questions, and become an integral part of our exciting journey ahead. Register Now

June 2024

Voting Period Opens

June 3, 2024

Voting Period Closed

June 16, 2024

Special Meeting of Members

June 21, 2024

Notice is hereby given that both Northern Credit Union and Copperfin Credit Union Limited will be hosting special meetings of the members on June 21, 2024.

Northern Members  Copperfin Members

June 2024

Member’s Vote YES!

June 21, 2024

Read our announcement

January 2025

Welcome to Your Future Forward

Official first day!

Future Forward

About Us

Northern Credit Union (Logo)

Making a difference in people's lives.

Since 1957, Northern Credit Union has evolved into a full-service, locally-operated financial institution, offering personal and commercial banking and financial planning expertise to more than 70,000 member shareholders. Now serving 28 communities in Ontario, Northern is committed to educating members in financial literacy and providing tools to achieve financial goals.

Since day one, we have been making a positive impact on the lives of our members, neighbours and communities. A lot has changed over the years, but what never will is our commitment to helping one another, a testament that's clearly defined in our Core Purpose: Making a difference in people's lives.

Copperfin Credit Union (Logo)

Advancing the lives of the people and communities we serve.

In November of 2008, two Kenora based credit unions with deep community roots joined forces to become Copperfin Credit Union. Over the years, the successful growth in the Kenora market allowed us to expand into the surrounding areas. In May of 2013, Thunder Bay based Superior Credit Union merged with Copperfin to form Northwestern Ontario’s largest locally owned credit union.

Today, we're proud to provide our members a modern, conversational credit union that specializes in personalized advice and unique financial solutions to move your life forward.

News & Updates

Date Catagory Title Description
2024-06-24 Press Release Members Support a Future Forward Together for Northern Credit Union and Copperfin Credit Union Northern Credit Union and Copperfin Credit Union will operate as one entity. Today, the credit unions are excited to announce the conclusion of the voting process regarding their proposed merger, expected to create a more diversified and robust entity capable of delivering enhanced value to members, employees, and communities.
2024-05-29 Press Release Calling all Members to Vote on a Merger for A Stronger Future. In an important milestone following thorough due diligence, Northern Credit Union and Copperfin Credit Union are preparing for a significant merger, having obtained approval from regulators. This merger is set to enhance technology, broaden the spectrum of products, bolster financial stability, and fortify commitments to members and local communities in the north.
2024-03-11 Press Release Copperfin Credit Union and Northern Credit Union Advance Merger Discussions with Completion of Due Diligence. Northern Credit Union and Copperfin Credit Union, two leading financial institutions, are pleased to announce the successful completion of the due diligence phase in their ongoing merger discussions. Demonstrating a commitment to transparency and collaborative decision-making, they are presently engaged in formulating a thorough business case for regulatory approval, paving the way for a member vote to finalize this transformative merger.
2023-08-09 Press Release Partnership Opportunity Update In February, the Boards of Directors through the Joint Partnership Committee of Northern Credit Union, Copperfin Credit Union and WFCU Credit Union engaged in exploratory conversations to determine the potential of a three-partner merger.
2023-02-27 Press Release Northern Credit Union and Copperfin Credit Union Look to Unite the North. Northern Credit Union and Copperfin Credit have formed a Joint Partnership Committee of their Boards of Directors to explore opportunities to bring their organizations together.

Frequently Asked Questions

Choosing the name for our proposed combined credit union was an extensive undertaking, marked by careful thought and a strategic approach. The selection of the name signifies just the initial step in narrating the story of our collective journey towards forging a shared future.

After a thorough review and collaborative decision-making, we have recommended that the combined organization will be named Northern Credit Union. We believe this name captures the distinctive experiences and the lifestyle we hold dear, embodying the essence of our members, communities, and the place we proudly call home. We look forward to the possibilities and opportunities that await us.

Bringing our organizations together has many significant milestones. The achievement of each milestone will contribute to the overall success of the merger process. If successful, the official merger closing date is set for January 1, 2025.

It's an exciting journey, and we look forward to the positive outcomes that the merger will bring to our combined organization.

Nothing will change the day our merger officially takes effect. The process to integrate our two organizations will take time. This means the new credit union would continue to operate with pre-merger systems for a period of time.

As a newly merged credit union, our main focus is on guaranteeing a smooth transition and maintaining uninterrupted banking services for our members. Our credit unions are steadfast in delivering the same exceptional and personalized service you currently experience. Following the closing date, you may quickly notice certain advantages such as an extended branch network, additional after-hours services through our combined contact centers, and an expanded ATM network. While there may be operational adjustments taking place internally, we are dedicated to reducing any impact on your day-to-day banking interactions.

We are committed to strengthening the communities we serve across the North and engage in opportunities that build stronger partnerships and create meaningful impact in the communities we work and live in. Today, both organizations believe that when our communities thrive, we all benefit.  From over $200,000 dollars to fighting food insecurity; to paid time off to support our employees in their volunteer efforts, we already play an active role in making our communities better.   As we grow through this merger, we're excited about the increased opportunities to give back and support local community initiatives.

We recognize the vital role our employees play in delivering an exceptional banking experience you have come to value. Their contribution is integral to the success of our business. Our objective is to consistently provide members with highly knowledgeable staff who can offer the solutions they are looking for.

Dennis Alvestad and Richard Adam will collaborate as co-CEOs during this pivotal phase of our organizational journey. This decision stems from a spirit of partnership, ensuring equal representation of both organizations in our leadership. By uniting the strengths of Northern and Copperfin, we aim to create something truly remarkable. The co-CEO leadership model brings diverse perspectives to the table, resulting in well-rounded outcomes that benefit the organization.

The principle of partnership extends to our board composition, where members from both Copperfin and Northern will have meaningful representation. This ensures that every voice is heard and respected, as we chart our course forward. Reflecting on the skills and experience of both Boards of Directors, the Board of Directors will be made up of five (5) members from the Copperfin Board and seven (7) members of the Northern Board. We are confident that we have a strong Board to lead us into the next chapter of our combined history.

The newly merged Northern and Copperfin will be known as "Northern Credit Union." "Northern" was chosen as it embodies the essence of the people and places we proudly represent, rooted in the rich heritage of the North. As the one true financial organization of the North, Northern Credit Union reflects the unique experiences and way of life cherished in the communities we serve.

Our vision for the future is to create a stronger and more resilient financial institution that prioritizes serving its members and the communities it operates in. With a dedication to putting members first, Northern’s vision is to provide personalized and innovative financial solutions that help members and businesses thrive. Recognizing the evolving nature of the industry, we’re committed to staying at the forefront of innovation by leveraging technology and embracing digital solutions. Additionally, we believe in giving back to the communities we serve through philanthropic efforts, volunteerism, and community partnerships.

Starting January 1, 2025, Northern's existing office (280 McNabb Street, Sault Ste. Marie, ON P6B 1Y6) will be the registered office for the new credit union. This is for legal purposes only and will not affect the locations where Copperfin or Northern employees will work.

The official merger closing date is set for January 1, 2025.

Rest assured that there will not be any immediate impact on your online banking, account fees, or member number. Members will be able to access their existing credit union branch, and online and mobile apps until advised otherwise. There will be a period of time before the two credit unions' technologies can be fully integrated. However, an interim solution is being established to enable members to bank with either credit union. Prior notice will be provided to members of any upcoming changes that affect daily banking. It is important to note that any change is intended to help members take advantage of the larger branch network and capabilities of the newly merged credit union.

As of now, no final decisions have been reached regarding community investment initiatives beyond 2024. However, we are dedicated to upholding our commitment to community investment initiatives as a newly merged credit union. Recognizing the importance of our current relationships and contributions within the communities we serve, we intend to carefully consider these factors as we develop our community investment plan for the new organization.

Thanks to all our members that took time to vote on our merger, we greatly appreciate your unwavering support to building you a stronger more resilient credit union. As a result, we were able to donate $15,000 back into each community to help fight food insecurity.

Contact Us

Questions or Concerns? Let Us Know.

A New Ontario-Wide (Literally) Branch Network
Serving the Following Communities:

Word cloud map of communities in Ontario with those serviced by Northern and Copperfin Credit Unions indicated
  • Arnprior
  • Barry’s Bay
  • Capreol
  • Chapleau
  • Chesley
  • Deep River
  • Durham
  • Eganville
  • Elliot Lake
  • Englehart
  • Espanola
  • Garson
  • Hornepayne
  • Kenora
  • Kirkland Lake
  • North Bay
  • Pembroke
  • Red Rock
  • Richards Landing
  • Sault Ste. Marie
  • Sudbury
  • Thessalon
  • Thunder Bay
  • Timmins
  • Wawa