LDCU has plans to expand after buying properties

Credit Union purchases neighbouring properties for future expansion.

Editor:

The board of directors for Ladysmith and District Credit Union (LDCU) is pleased to announce the purchase of properties adjacent to our current building at the corner of First Avenue and Roberts Street.

Several months ago, the board of LDCU became aware that these properties neighbouring our offices were about to come onto the real estate market. The properties involved were two commercial premises with two residences above, and a house adjacent to Queen’s Park.

Recognizing the opportunity, LDCU negotiated to purchase all three properties for future needs. The Credit Union carefully researched the prospect and determined that the return on investment would defray the cost of purchasing the properties in the short term. Longer term, the Credit Union will be developing a plan for expansion, utilizing the properties in a phased and measured way.

This purchase reinforces our published long-term vision that LDCU remains the cornerstone Credit Union for our community. Serving a growing membership and community requires ever-increasing space.

We understand this change in ownership has caused some concern to existing tenants and would like to take this opportunity to reassure the community that existing businesses have in no way been adversely affected by the Credit Union assuming ownership.

We anticipate development of more concrete plans over the coming months and years and will certainly be a good neighbour and provide all the tenants with plenty of notice of any anticipated change.

Building on our proud history as a community Credit Union, our passion is to have a positive impact on our members, neighbours and community. The board of directors feels very fortunate to have secured these properties for the good of the Credit Union and to continue its leadership role well into the future of our growing community.

Tim Richards

Secretary, board of directors

Ladysmith and District

Credit Union

 

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