VANCOUVER, B.C.– Two credit unions in British Columbia have received regulatory approval from the BC Financial Services Authority to merge. It will now be up to a member vote to determine if the combination proceeds.
Vancity Savings Credit Union has approximately $36 billion in assets and will be merging in First Credit Union, which has $300 million in assets and another $100 million in wealth management assets. It has approximately 38,000 members, who will be voting on the deal later this year.
The two credit unions said in a statement the merger is “a strategic, values-driven partnership.”
The combined credit union will have 585,000 members, more than 2,400 employees and 60 combined branches across British Columbia.
‘Thoughtful & Strategic’
“This regulatory consent and clearance are a testament to the thoughtful and strategic approach both Vancity and First Credit Union have taken in planning this partnership,” Vancity President and CEO Wellington Holbrook said in a statement. “It validates our shared belief in the future of community banking and that this new model means we can better serve the people who count on us, support local economies and build a better world. We are excited to move forward to the member vote and to build a future where cooperative values thrive.”
Added Linda Bowyer, CEO of First Credit Union, “Receiving BCFSA’s consent and clearance from the Competition Bureau marks a pivotal moment for First Credit Union and our dedicated members and employees. This proposed merger offers a made-in-BC solution to the evolving demands of the financial landscape, providing our members with access to Vancity’s extensive resources and advanced digital capabilities while preserving our deep roots and local presence in the communities we serve. We believe this partnership is in the best long-term interest of our members and the co-operative banking system as a whole.”
