VANCOUVER, B.C.– Vancity Credit Union, the largest and one of the best-known CUs in Canada, said it is exploring a potential merger with First Credit Union in Powell River, B.C.

“This merger would strengthen local community banking in British Columbia and enhance member access to financial services in communities on the North Sunshine Coast; Vancouver Island; and on Bowen, Texada and Hornby Islands,” Vancity said in a statement. “First Credit Union and Vancity both share a long history of putting people first, creating positive financial impact, and delivering values-based services that empower communities.”

“By creating this opportunity together, we have the chance to preserve and grow local community banking,” Vancity President and CEO Wellington Holbrook said in a statement. “And we’re showing how we can develop a sustainable, resilient and scalable co-operative banking alternative for British Columbia.” 

Added First CU President and CEO Linda Bowyer in a statement, “Vancity shares our values, vision for the future of community banking, and commitment to making a difference. By uniting our strengths, we will ensure long-term support for our members and communities, both today and in the future.”

‘Key Principles’

According to the organizations, the proposed merger is guided by the key principles share by both and include:

• “First Credit Union will maintain its community presence while allowing its members access to an expanded branch network. The partnership will also give First’s members, and the employees serving them, access to Vancity’s wider array of financial products and services, deeper capital, larger networks, and growing technological capacity.”
• “The distinct identities of both credit unions will be maintained as will a commitment to local employment. Both credit unions will be working with the BC Financial Services Authority (BCFSA) throughout this process to ensure all regulatory requirements are met, and if consent is granted, the merger will ensure continued access to banking services in communities served by First Credit Union.”
• “Both credit unions envision the merger as the start of an innovative model for the future of co-operative, community banking across B.C. Both credit unions believe this model can be expanded to enhance community-centered services across the province and to address the needs of members, strengthen local economic resilience, help sustain community identity and local autonomy, and deliver positive social impact.

About the Credit Unions

Established in 1939, First Credit Union is a values-based financial cooperative operating on the traditional territories of the Coast Salish Peoples, specifically the K’òmoks, Klahoose, Tla’amin and Squamish Nations and serving the needs of community members in Courtenay, Cumberland, Powell River, Union Bay, Bowser, and on Bowen, Hornby, and Texada Islands.

“As a financial institution owned by its members, First Credit Union ensures all its activities work to build thriving, vibrant communities. With this responsibility top of mind, First focuses on the financial, social and environmental well-being of the members and the communities it serves and invests 10% of its profits back into its communities,” the credit union said.

The $36-billion Vancity has 570,000 and 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka’wakw people.