Monday, February 4, 2013

Northern Savings Credit Union increases presence on Haida Gwaii

Prince Rupert based Northern Savings Credit Union has increased its business activities on Haida Gwaii, with the announcement that the Credit Union has increased its ownership stake in Key West Insurance Services on the Islands.

Northern Savings had a 50 percent interest in the company previous and with a transaction from January, has now acquired 100 percent ownership of Key West.

In a press release on the purchase, Northern Savings President and CEO Ken Doleman explained that "Key West complements our existing banking and financial planning services on Haida Gwaii, enabling us to provide a full suite of financial solutions. An immediate benefit is the additional commercial underwriting capacity that Northern Savings will now have"

The acquisition is just the latest of moves for Northern Savings a 72 year institution on the North Coast.

Earlier last month, Northern Savings announced that they had sold off their interests in Victoria based Cadboro Bay Insurance Agency Ltd., while at the same time increasing their share of Key West.

Over the last number of years it has undertaken an ambitious expansion plan, growing into the largest credit Union in Northern British Columbia and a major employer in the Northwest.

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