The board of directors for the Estevan-based Spectra Credit Union has passed a motion to seek a merger partner, and/or co-operative partnership possibilities.

According to a press release from the credit union, the decision came after “careful and lengthy consideration.”

Proposals will be requested that will ultimately result in province-wide service for Spectra's members, while maintaining a strong credit union presence in southeastern Saskatchewan.

"While Spectra is financially strong, the board of directors recognizes the market pressures to stay competitive in an increasingly sophisticated and regulated industry,” said board president Wayne Amos. “The board is showing leadership and vision by looking for credit union partners while we are in a position of strength, and large enough, relative to our prospective partners, to influence and ensure that our member, employee and representation requirements are addressed."

"The goal of this direction is to position our members to take advantage of continued success and growth in southeastern Saskatchewan by tapping in to the capital, expertise, technology and capacity of a provincially-based credit union,” said CEO Tim Schroh.

In order to confirm this is the best option for members and staff, the board of directors will exercise careful due diligence in developing a business case in the coming months. Members and investment shareholders will be notified as developments occur and the final proposal will be taken to the Spectra membership and investment shareholders for respective votes.

Spectra Credit Union has 10 branches in southeast Saskatchewan, and more than 160 employees. The credit union boasts assets of more than $700 million, and more than 20,000 members.

More information on this story will be available on www.sasklifestyles.com later this week.