The boards of Greater Vancouver Community Credit Union (GVC) and Cascadia Credit Union (Cascadia) have voted to apply to the BC Financial Services Authority (BCFSA) for permission to merge.
This represents an important milestone, the credit unions say, following their announcement in May of a memorandum of understanding to explore a potential merger.
“The GVC board of directors has conducted extensive due diligence and has determined that the business case for this merger positively supports the concept of combining our credit unions,” said GVC chair Shaun Olafson. “Our two credit unions are so well aligned in our values and the continued importance of personalized service. We believe the proposed merger will expand member service to more areas of our province, deliver greater benefits and opportunities for members and employees, and enhance our community impact.”
The board of directors at each credit union carefully and independently evaluated the opportunities and risks associated with the potential merger. Each board voted unanimously in favour of submitting an application to BCFSA, seeking BCFSA’s consent to present the merger opportunity to members.
BCFSA will conduct an in-depth review of the merger application, to ensure the proposed merger would not be contrary to the interests of the credit unions and their members, employees, and communities served. Should BCFSA provide its consent to proceed with presenting the proposed merger to members, more information will be provided to the members of GVC and Cascadia on voting and next steps. Members of both credit union will have opportunities to learn more, ask questions and provide feedback on the proposed merger.
“We are confident that with the proposed merger, Cascadia Credit Union will bring many potential benefits to the members and employees of GVC and Cascadia,” said Cascadia chair Connie Denesiuk. “The combined organisation would have six branches, serve over 20,000 members and have more than $1.3 billion in assets under management. We look forward to consulting and engaging with GVC and Cascadia members and employees.”
Both organisations say they “remain committed to serving their members, employees and communities throughout this process”.
They add: “The intention of the proposed merger is to combine the strengths of both organisations to create a stronger credit union that is well positioned to build on its shared values, enhance member service, continue to support employees, and deepen its impact across the communities it serves.”
