Atlantic Central

As of January 1, 2011 Credit Union Central of Nova Scotia combined with Credit Union Centrals in New Brunswick and Prince Edward Island to form Atlantic Central.

When Muhammad Yunus won the 2006 Nobel Peace Prize for establishing the
microcredit movement in the developing world and "turning banking upside
down," the folks at Atlantic Central, the central credit union supporting
Atlantic credit unions, were not surprised.

After all, the idea of providing small loans to individuals and small
businesses who would not be considered risk-worthy by banks is the very
foundation of credit unions. They know it's a "risk" that pays off by helping
many small businesses get up and running, and succeed, making their
communities even stronger.

"Credit unions have been active in microcredit for years, although it hasn't
been called that," says Bernie O'Neil, president and CEO of Atlantic Central.
"It's the idea of self-help and pooling resources to help one another. The
human element -- that's how credit unions began."

And it's just one of many innovative credit union "firsts" that have gone on
to become industry standards. Credit union innovation includes common items
such as ATMs, variable-rate mortgages, equity-linked GICs, home equity lines
of credit and PC-based home banking.

Each credit union is locally owned and operated. Atlantic Central is owned,
in turn, by the credit unions, and provides support and services to credit
unions of Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland
and Labrador. It also acts as one voice in advocating for credit unions and
their ideas, as well as working together to advance credit union causes.

One such cause was the 2006 Global Microcredit Summit. Through Atlantic
Central (then Credit Union Central of Nova Scotia), credit unions were able
to sponsor the international summit, which was hosted in Halifax. Delegates
from 110 countries came to the historic seaside city to hear Yunus speak
about the benefits of supporting even the smallest business venture. And they
left knowing that Nova Scotia's credit unions supported that same ideal.

O'Neil is big on small business.

"They contribute more to the economy than we appreciate," he says. "They are
responsible for the creation of a significant number of jobs."

O'Neil knows firsthand. A provincial loan program run by the credit unions
has produced and preserved an impressive number of jobs.

"This program has created, according to our statistics, some 479 new jobs,
while maintaining in excess of 1,000."

He is justly proud of the more than 90 per cent success rates for small
businesses helped by Nova Scotia's credit unions. He believes Nova Scotians'
commitment to community is the cornerstone of the such success.
Businesspeople want to succeed so family, friends, children, and neighbours
can continue to thrive at home and friends and neighbours want to see
businesses work for the same reasons. It's especially satisfying for credit
union employees -- members of the same communities -- who help make it
happen.

"One of the main reasons businesses fail," says O'Neil, "is that they don't
get outside advice. Employees at credit unions are willing to spend a bit
more time with individuals than many other institutions. We will work with
them to make it a success. Because the business' success is the community's
success.

"It all goes back to putting in that extra effort and being human."

O'Neil has high praise for the people who work at credit unions."

Being in Nova Scotia gives us access to a well-trained, well-educated
workforce."

But it's not all work, work, work.

"There's a temperament to the people here," he says, "an attitude towards
family and friends that is different than a lot of provinces I've visited."

"When I go to Vancouver, one thing I notice is that everybody is always
running for the bus. The other thing is horns blowing all the time. The light
changes, and people are leaning on the horn. Everybody is in a mad rush to
get nowhere."

Nova Scotia, he says, is more relaxed, more balanced. Because of that, Nova
Scotia's credit unions have attracted people from other provinces who want to
trade in the mad rush for a quality of life that includes great career
opportunities and work-life balance.

"A number of people have come to us from other provinces and stayed," he
says. "There are people here in excess of 20 years who wouldn't trade this
lifestyle for anything."

"They fell in love with our coast, our people, and how affordable things are.
They like the history, the options for activities, and wonderful scenery."

Atlantic Central has offices in Halifax, Charlottetown and Moncton, and in
2011 will establish a Newfoundland and Labrador office as well.