Credit union announces big changes for the Sault

NEWS RELEASE

NORTHERN CREDIT UNION

************************* Northern Credit Union begins a new chapter in Sault Ste. Marie

SAULT STE. MARIE, ON - (January 29) - Northern Credit Union has announced plans for the construction of a new branch and head office on McNabb Street and the transition of its Bay Street branch to a wealth management centre for members.

Construction of the new branch and head office will begin this summer in a site adjacent to the existing McNabb Street branch.

The building will include the new branch as well as office space for all administrative and head office functions at Northern.

"The new building and branch will allow us to better serve our members and also allow all of our administration and executive staff to work under one roof," says Al Suraci, chief executive officer of Northern Credit Union.

Part of Northern’s plan for Sault Ste. Marie in 2009 also includes the transition of its Bay Street branch from retail banking services to a focus on wealth management.

The move allows Northern to concentrate on serving members through two branch locations at McNabb Street and Second Line while strengthening the investment services offered to members by having their wealth management team together in one location.

The change will affect members who use the Bay Street branch as the branch is scheduled to cease retail banking operations effective April 30th, 2009.

Members of the branch will have the choice of using the McNabb Street or Second Line branch locations.

Mr. Suraci has emphasized that Northern will make every effort to transition those members affected as seamlessly as possible.

Mr. Suraci further stated that "the change in the services offered at our Bay Street branch is necessary and ultimately it allows us to better focus our services in the Sault."

Northern is also taking steps to minimize the impact on staff affected by the change by offering retirement packages to eligible staff and transfers to other branches.

Geoff Shaw, chairman of Northern’s board of directors, adds that: "It’s no secret that every business needs to evaluate what it can do in this economy to best position itself for the long term and Northern is no different – we owe that to our members. In Sault Ste. Marie we have been able to devise a plan that will allow us to continue serving our members at a high level, adding more efficiencies and continuing our commitment to the local economy."

Serving 22 communities stretching along the Canadian Shield in northern and eastern Ontario, Northern Credit Union is a full-service, locally-operated financial institution offering personal and commercial banking expertise to over 48,000 member shareholders.

For more information on Northern visit www.northerncu.com

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