Business man signing a contract

Alterna Savings and Credit Union Ltd. has signed a letter of intent to acquire Quinte First Credit Union, in a deal that’s slated to close in spring 2020.

The combined firms will have more than $9 billion in assets under administration. They’ll also have more than 180,000 members across 38 branches in Ontario.

“Our combined membership will benefit from both our larger size and access to more locations,” said Rob Paterson, president and CEO of Alterna Savings, in a release.

The terms of the deal must be approved by members of Quinte First.

After the merger, Quinte First CEO Carrie Gregoire will become vice president of member experience, overseeing the 17 branches in Eastern Ontario.

Quinte First was created through the merger of Bayshore Credit Union Ltd. and QuintEssential Credit Union Ltd. on January 1, 2017, but its history dates back to 1952.