North Peace Savings and Credit Union in northeastern B.C. wants to establish a presence in northwestern B.C.

Northeastern B.C. credit union moves into northwestern B.C.

North Peace Savings and Credit Union sees many similarities in the northwest

Northeastern B.C.’s North Peace Savings and Credit Union is moving into the northwest.

Placing a business account manager in Terrace who, for now, will work out of his or her home, is being described as a modest first step.

“We’re starting from zero and will build from there,” said North Peace chief executive officer Mitchel Chilcott this week.

The decision has been two years in the making and is meant to diversify North Peace’s business out of northeastern B.C. which is heavily reliant on the fortunes of the oil and gas industry.

Chilcott said the move is intended to spread the risk and so provide North Peace with more than one geographical area of operation.

“We see a lot of similarities with Terrace. It has small businesses and there’s an entrepreneurship which fits in with our members and values,” he said in explaining North Peace’s attraction to Terrace and area.

“Credit unions in B.C. are provincially regulated so we could not go into Alberta and the Yukon is to the north,” he said.

There are no geographic limitations imposed on B.C. credit unions – Kitimat’s credit union is Envision, a branch of a larger Lower Mainland credit union and Chilcott noted that Northern Savings moved into Terrace from Prince Rupert, eventually absorbing the former Terrace and District Credit Union.

“In selecting Terrace (skipping over Prince George and the Cariboo) we looked at such things as demographics, state of the completion, industry composition and longer term economic outlook. Terrace also has the advantage of location, in that service can be provided to the Prince Rupert and Kitimat areas from there as well. Although there are no plans for further expansion at this time, once Terrace is successful, it could be leveraged to act as a hub for service into other communities,” Chilcott said.

“The Lower Mainland is a free-for-all,” Chilcott noted of credit union competition down there.

Chilcott hopes North Peace can hire a local person who is already familiar with the area.

Formed in 1947, North Peace Savings and Credit Union has more than 13,300 members, an asset base of $492 million and branches in Fort St. John, Fort Nelson, Hudson’s Hope and Taylor, the latter location being 180 square feet in size with just one employee and a video connection to its other branches.

Last November it announced it will open a small office in Dawson Creek.

While North Peace Savings contemplates expansion into the northwest, Northern Savings Credit Union late last year announced it was scaling back operations outside of the region

They called the move one of prudent risk management, done despite Northern Savings having built up a healthy mortgage business down south over the years, with that value growing to $450 million—a substantial portion of the credit union’s asset base last year of just under $1 billion.

Selling approximately $150 million of those mortgages would reduce the exposure of Northern Savings down south and bring the value of that asset more in line with its overall asset base.






Just Posted

Former resident wins filmmaking award

Veronika Kurz will be able to make her film with $15,000 cash and in-kind services, up to $100,000

Terrace River Kings win CIHL regular season

The boys held a strong enough lead in points to claim the banner after a 15-2 win Saturday

Terrace residents discuss poverty at provincial engagement meeting

80 people were there as well as the Minister of Social Development and Poverty Reduction

Shames Mountain named one of the world’s Top 10 ski resorts

The UK magazine listed Shames alongside Whistler and hills in Italy, Japan and Austria

Who wants to live here?

Northwest governments partner on marketing plan to attract workforce, residents

Senior randomly stabbed in B.C. mall food court

Woman arrested after victim, 71, suffers serious injuries

B.C. Liberal hopefuls begin final leadership push

Five MLAs, one outsider pitch policies to party members

Vancouver Island marijuana producer bought by Aphria in $230M deal

Aphria’s annual production forecast increases to 230,000 kgs

UPDATED: ‘Young, innocent’ teen hit during Vancouver shootout dies

15-year-old Coquitlam boy was in a car driving by the scene

Ontario man charged with selling Canadian’s usernames and passwords

Ontario man ran site that peddled billions of pieces of personal data: RCMP

Video: B.C. documentary features Okanagan ice climbing

First documentary for Penticton filmmaker captures elusive Okanagan ice climbing

David Emerson quits lumber talks as legal action begins

Former federal minister served as B.C. softwood trade point man

Singer of the Cranberries dead at 46

Her publicist says Dolores O’Riordan died suddenly Monday in London. The cause of death wasn’t immediately available.

Most Read