Credit union members with Mountain View Credit Union (17,000 members, $740 million in assets) and Connect First Credit Union (100,000 members, $5 billion in assets) in Alberta will vote this June on a possible merger, reports CU Today.
The merger would create a new credit union with about $6.7 billion in assets and more than 120,000 members, making it the seventh largest in Canada. It would operate under the legal name of Connect First Credit Union Ltd.
“Part of our challenge, being a credit union of our size, is competitors,” Tracy Kelly, vice-president of marketing at Mountain View Credit Union, told the Rocky View Weekly. “It’s not just traditional banks anymore. Now, we’re looking at competing with Amazon or Apple or Google,” Kelly said.
Kelly added that credit unions are going head-to-head against these global organizations, putting smaller operations like Mountain View at a disadvantage when it comes to offering expensive new technologies, products and services. “How can we encourage more members to join our credit union if we’re not able to keep up with those emerging trends? An amalgamation could allow us to access those kinds of resources, which makes it easier for our employees and, ultimately, better for our members,” says Kelly. ◊