TORONTO - Alterna Savings and Credit Union Ltd. and Quinte First Credit Union have signed a letter of intent to join forces.

The credit unions say Quinte First will become part of Alterna Savings in spring 2020.

Once combined, Alterna Savings will have 38 locations in Ontario, more than 180,000 members and $9 billion in assets under administration.

Quinte First members will vote on the proposed merger after due diligence and transaction details are completed.

The credit unions expect the agreement to be finalized next spring.

Quinte First's CEO Carrie Gregoire will become vice president of member experience after the merger.

This report by The Canadian Press was first published Dec. 4, 2019.

The Canadian Press. All rights reserved.

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