Ladysmith will soon have a new credit union that is part of a massive land development.
The First Nations branded credit union is part of the Oyster Bay Development by Coast Salish Development Corporation, the economic development agency of the Stz’uminus First Nation.
The credit union will be located at the north end of the Oyster Bay development, which boasts 65 acres of land adjacent to Ladysmith Harbour and the Trans Canada Highway just north of Ladysmith.
The Coast Salish Credit Union will be a branch of Ladysmith and District Credit Union, which has its main office in downtown Ladysmith on First Avenue.
Construction is expected to start in the next six to eight weeks.
“That’s our plan,” says Chenoa Akey, of Coast Salish Development.
John De Leeuw, CEO of Ladysmith & District Credit Union, says the new branch is a collaboration with the Stz’uminus First Nation.
“We recognized a need within their community and found an opportunity to partner with them in their new development,” he says.
The new branch will have 1200 square feet which will serve members of the Stz’uminus First Nation along with residents of Ladysmith and area.
“We’ll be looking to grow with the commercial development,” says De Leeuw. “We definitely feel there is a need for financial services for their community and are definitely excited to partner with them.”
Akey says the Coast Salish corporation is also planning to move their offices to the branch.
“It is our intent to move our offices to the upper floor.”
Oyster Bay Development is a massive development that includes commercial outlets with a grocery store, restaurant, service station, a large hotel, residences and an assisted living facility.