Northern Savings Credit Union laid off 12 employees from its head office on Third Avenue West.

Northern Savings interim president and CEO discusses recent layoffs

Northern Savings Credit Union has laid off 12 people at its head office in Prince Rupert.

Northern Savings Credit Union has laid off 12 people at its head office in Prince Rupert, ranging from senior management to non-management personnel in every department, as part of a restructuring to ensure the institution is sustainable going forward.

Northern Savings interim president and CEO Barry Delany said the layoffs come following a review of business operations that included some downsizing in the company’s portfolio.

“We owned a technology company whose employees were living in Vancouver island and elsewhere and a technology company is not something the credit union has the skills or experience to run. It’s a very competitive industry, very challenging, and yet we had about 30 or more people in that business. It was a financial drag to the credit union and a distraction to the management team, so the decision was made to sell that … We also made another decision in another are of our business to reduce our mortgage portfolio we own in Victoria,” explained Delaney.

“As a result of reducing the size of our business, there is a commensurate need to reduce the staffing levels at the head office from a business point of view, we couldn’t sustain that number of people without the corresponding revenue to support it … It was really clear we had to do something for the long-term sustainability of the credit union.”

Calling the layoffs “very significant”, Delany noted the board and management struggled with the decision to layoff “good people who did nothing wrong”. However, he said management is working with and offering support to the affected employees to minimize the financial hit. Delaney also said he doesn’t foresee other staffing reductions following this round of layoffs.

“The staff have been asking if we are done and if there is more to come. I have been able to say that this is it. It’s a substantial part of our head office and there is nothing more to come,” he said, noting there now 32 employees that form the head office.

“We no longer have a technology company to distract us, we no longer have these mortgages outside of the north and what we have done is return to a traditional credit union that is all about community and great service. We now have a financial picture that is sustainable for decades to come, but we had to go through this difficult time. “

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Such sweetness with all this candy. Dylan Kennedy 7, with his mom Kerri Kennedy volunteer at the Halloween Fest Committee event to bag candy for students in SD 52 on Oct. 19. (Photo: K-J Millar/The Northern View)
How sweet it is

Bags of candy were assembled by more than 25 Halloween Fest Volunteers for distribution to S.D. 52

Ashley Wilson officer in charge of Prince Rupert Marine Communications and Traffic Services said radio officers in Prince Rupert are the eyes and ears of the Canadian Coast Guard with the job as an ocean first responder being like a 911 dispatcher. (Photo: K-J Millar/The Northern View)
Coast Guard calling for radio officers

Deadline for radio officers applications extended specifically for Prince Rupert and area residents

FILE - Nathan Cullen speaks to media in Smithers, B.C., Friday, February 28, 2020. THE CANADIAN PRESS/Jonathan Hayward
More calls come in for Cullen’s removal as NDP candidate

Gitxsan Hereditary Chiefs demand Cullen’s removal. Ellis says, There’s no place in B.C. for racism

An election tussle has now erupted over the long-dismantled Skeena Cellulose pulp mill on Watson Island, shown here in a 2013 photo. (File photo The Northern View)
Wilkinson, Horgan tagged over pulp mill file and legal battle

Case dates back to attempt to re-open closed Skeena Celluose pulp mill

ANBT 2021 is still in the planning, Peter Haugan event organizer said on Oct. 13. In the 2020 ANBT, Hydaburg’s T.J. Young drives along the baseline against Prince Rupert’s Brady Johnston. Hydaburg would defeat P.R, but fell to New Aiyansh in the next round. (The Northern View file photo)
All Native Basketball Tournament 2021 still in the planning

“If we cannot run it with our fans, we cannot run the tournament” - Peter Haugan

FILE – People wait in line at a COVID-19 testing facility in Burnaby, B.C., on Thursday, August 13, 2020. THE CANADIAN PRESS/Darryl Dyck
167 new COVID-19 cases, 1 death recorded as B.C. enters 2nd wave

Three new healthcare outbreaks also announced

This 2020 electron microscope image made available by the National Institute of Allergy and Infectious Diseases shows a Novel Coronavirus SARS-CoV-2 particle isolated from a patient, in a laboratory in Fort Detrick, Md. THE CANADIAN PRESS/AP-NIAID/NIH via AP
At least 49 cases of COVID-19 linked to wedding in Calgary: Alberta Health

McMillan says the city of Calgary has recently seen several outbreaks linked to social gatherings

UBC geoscientists discovered the wreckage of a decades-old crash during an expedition on a mountain near Harrison Lake. (Submitted photo)
Wreckage of decades-old plane crash discovered on mountain near Harrison Lake

A team of Sts’ailes Community School students helped discover the twisted metal embedded in a glacier

The official search to locate Jordan Naterer was suspended Saturday Oct. 17. Photo courtesy of VPD.
‘I am not leaving without my son,’ says mother of missing Manning Park hiker

Family and friends continue to search for Jordan Naterer, after official efforts suspended

A bear similar to this black bear is believed responsible for killing a llama in Saanich on Oct. 19. (Black Press Media file photo)
Bear kills llama on Vancouver Island, prompting concerns over livestock

Officers could not track the bear they feel may not fear humans

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Bernard Trest and his son Max, 10, are concerned about B.C.’s plan for students in the classroom. He was one of two fathers who filed a court application in August to prevent schools from reopening if stricter COVID-19 protections weren’t in place. That application was dismissed last week. (Contributed photo)
B.C. dad pledges to appeal quashed call for mandatory masks, distancing in schools

Bernard Trest and Gary Shuster challenged health, education ministries’ return-to-school plan

RCMP crest. (Black Press Media files)
RCMP cleared in fatal shooting of armed Lytton man in distress, police watchdog finds

IIO spoke to seven civillian witnesses and 11 police officers in coming to its decision

A 34-year-old man was treated for a gunshot wound in Williams Lake Monday, Oct 19, 2020. (Angie Mindus photo - Williams Lake Tribune)
Williams Lake man treated for gunshot wound after accidental shooting: RCMP

Police are reminding residents to ensure firearms are not loaded when handling them

Most Read