The Board of Directors of First Credit Union and Union Bay Credit Union have announced that they have approved a business case proposing to merge the two credit unions to create a single, larger credit union. Details of the merger will be finalized in early 2021.
Operating as First Credit Union, the merged entity will have over $600 million in assets and serve a combined membership of more than 15,500. As there is no geographical overlap, the intent is that all eight branches of the combined organization will continue to operate.
“In today’s competitive environment, member demands are changing as quickly as the financial services industry itself,” says Guy Chartier, Board Chair of First Credit Union. “We recognize the importance of keeping pace with technology, remaining competitive, continuing to provide the best service and advice for members, and investing in our communities. To achieve this, we believe it is in both Credit Unions’ interests to join together.”
Union Bay Credit Union and First Credit Union are both purpose-driven and values-based and are deeply rooted in their communities. “We are both successful cooperatives founded with the express purpose of helping our members achieve their financial goals,” says Sharon Hadden, Board Chair of Union Bay. “Like us, First Credit Union works for the sustainable development of their communities. This is a natural partnership.”
Members can keep find out more information about the proposed merger by visiting www.sharedvisionsharedfuture.ca.
About First Credit Union
First Credit Union is the longest-running credit union in BC, incorporated in 1939. With five credit union branches, over $500 million in credit union and $160 million in wealth management assets, the organization serves over 12,000 members in five coastal communities.
About Union Bay Credit Union
Union Bay Credit Union is a member-owned, cooperative financial institution with branches in Union Bay, Bowser and Hornby Island. The credit union was formed in 1944 and recently celebrated reaching the milestone of $100 million in assets. Union Bay has a full suite of personal and business products and services and offers wealth products to its members through a third party.
For more information:
Tara Chernoff, VP Community & Marketing, First Credit Union
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