SURREY, B.C.—In highly unusual timing for unusual mergers, two separate three-way mergers among credit unions have been given the green light by their respective members.
In British Columbia, Coast Capital Savings Federal Credit Union, Prospera Credit Union and Sunshine Coast Credit Union said they will now combine following their members’ approval.
Ninety percent of Coast Capital members voted in favor, 75% of Prospera members approved, and 81% of Sunshine Coast members voted in favor, according to the credit unions.
“The successful vote to unite our three credit unions demonstrates strong member support for a national, purpose-led alternative in Canadian banking,” Calvin MacInnis, president and CEO of Coast Capital, said in a statement. “We’re grateful for our members’ trust and look forward to building a stronger future together.”
As the CU Daily reported earlier, the credit unions announced their intention merge in April to create a $38.6 billion institution with 2,500 employees, 730,000 members and 70 branches across the province’s southwest region, which is home to Vancouver.
Greater Ability to Invest
Similar to the statements often made by U.S. credit unions, the CUs said the merger will allow for investment in more competitive products and services, digital banking technologies and tools, and community initiatives.
Pending regulatory approvals, the combined federally regulated credit union is expected to launch in 2026.
Vancouver City Savings Credit Union, better known as Vancity, is B.C.’s largest credit union by assets. It is exploring a merger with First Credit Union that t announced in February.
Big Merger in Saskatchewan
In Saskatchewan, meanwhile, members of Conexus, Synergy and Cornerstone credit unions have approved a combination to create single provincewide institution with about 57 branches in 50 communities, roughly 200,000 members and about 1,400 employees.
Celina Philpot, CEO of Conexus, told SaskNow.com the merger is designed to help meet rising expectations for digital banking, while keeping local service strong.
“Bringing our talent together, our capital, to be able to better serve our members,” she told the publication. “We really want to stand out from a member experience so we can be that really strong alternative to the chartered banks in the province.”
According to the credit unions, 87.5% voted in support at Conexus, 86.5% at Cornerstone and 88.7% at Synergy. The new credit union is expected to launch Jan. 1, 2026, with about $15 billion in assets under management.
‘Very Mindful’
“We’re very mindful of the impact that will have on the employees as well as the members,” Philpot told SaskNow.com. “Whatever those impacts are, we’re trying to minimize those as much as possible.”
A business integration team, made up of board members from all three credit unions, is working to finalize the new name and appoint a CEO. The merged credit union will have a 12-member board, with six directors from Conexus, three from Cornerstone and three from Synergy, SaskNow.com reported.
Information on the merger can be found at thrivingtogethersk.ca.
