Benefits of the Merger

Greater value for members, employees and our communities

Greater value for members, employees and our communities

The merged credit union will have the scale to remain competitive and innovative while being responsive and local, delivering multiple benefits to our members, employees, and communities.

Increased support for local business

The merged credit union will offer an increased level of expertise and business banking solutions to local business members, including commercial loans, mortgages, project financing, merchant services and business lines of credit.

More branch locations

Members will have convenient access to a network of eight branch locations on Vancouver Island and the Sunshine Coast (Union Bay, Hornby Island, Bowser, Cumberland, Courtenay, Texada Island, Bowen Island, and Powell River).

Enhanced quality of service

We expect a merger to eliminate duplicate costs and allow for investment in digital tools that will automate many internal processes, enabling employees to spend more time providing exceptional service and advice to members.

Simpler, more convenient banking

Our projections illustrate that combining the resources and capital of Union Bay and First will better position the merged credit union to invest in technological innovation, making it easier for all members to do their banking whenever and wherever is most convenient for them.

Profit share program

Union Bay Credit Union and First Credit Union share many values, including the cooperative principle – member economic participation. The merged credit union will have a profit share program for members.

Enriched community investment initiatives

Both Union Bay and First Credit Union have strong community roots, aligned values, and a shared belief in their responsibility to contribute to the sustainability of the communities they serve. The merged credit union will continue to build upon this legacy.

Expanded career opportunities

We anticipate that a merger will mean that our employees can develop their careers across a broader network, with more variety of roles than is currently available, offering increased opportunities for personal advancement.


We’re listening. Get in touch if you have any questions about how the merger will impact you, your business, and our communities.

Read the Frequently Asked Questions