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Credit union numbers drop over two decades

In 2012, credit union mergers were a hot topic of conversation — just as they are today, having become an attractive management strategy to avoid service duplication.

[NOVEMBER 2012] Credit Union Central of Canada reports that the number of credit unions decreased by 726 between 1992 and 2011 due to mergers. Facing a trend of consolidation, many credit unions have to consider merger and integration processes to ensure smooth operations. “Bryan Mavrow, who oversees the Envision Financial and Valley First brands as senior vice-president of marketing at B.C.’s First West Credit Union, says that merger efforts in 2013 will be more focused on keeping things local. ‘Consumers value localness. I haven’t met a member who’d say they appreciate having their money spent on banking system conversions and renaming projects,’ he says.” ◊