Name of the Merged Credit Union
The credit union will operate under the name “First Credit Union.” The ‘first’ in the name honours both credit unions’ heritage, is not geographically limited and reduces the cost associated with creating a new name and brand.
Under the proposed Asset Transfer Agreement, the issued shares for non-business account members of Union Bay Credit Union will be exchanged for shares of First Credit Union as follows:
- each Class “A” Membership Equity Share of Union Bay Credit Union will be exchanged for one fully paid Class “A” Membership Equity Share of First Credit Union, up to a maximum of 1,000 Class “A” Membership Equity Shares per shareholder.
- if a Union Bay member holds in excess of 1,000 Class “A” Membership Equity Shares in First after the share exchange referenced above, the member will receive $1.00 for each share in excess of 1,000 membership shares (if applicable).
- no Class “D” Non-Equity Shares of Union Bay Credit Union will be exchanged for First Credit Union shares. If a Union Bay member holds Class “D” Non-Equity Shares, the member will receive $1.00 for each share held.
Union Bay’s Business Account members will be required to increase their shares to $100.
Amounts held on deposit by Union Bay members with Union Bay will be transferred on a dollar-for-dollar basis to First Credit Union, where the member will be able to access the deposits as normal. The deposits will continue to be insured by the Credit Union Deposit Insurance Corporation.
Start Date and Head Office
If approved, the proposed effective date of the merger will be July 1, 2021. The merged credit union is expected to continue operations under the name First Credit Union following the effective date. The new entity will operate one main administration office from Powell River and utilize the current Union Bay head office as a regional administration office.
Products & Services
The merged credit union will offer the same or complementary products and services to those that Union Bay members currently enjoy through Union Bay Credit Union. We intend to minimize member impact and make the transition as seamless as possible. It is the goal initially to give members from both credit unions access to their accounts from any of the combined eight branches.
The merged credit union will operate with branches in the Comox Valley region in Union Bay, Bowser, Courtenay, Cumberland, and Hornby Island and the upper Sunshine Coast/Lower Mainland regions in Powell River, Texada Island, and Bowen Island.