The Voice of Canadian Credit Unions
Banking / Mergers /  •

Merger in the works for BC credit unions

Seven credit unions from British Columbia’s Kootenay, Boundary and Columbia Valley regions have launched a formal business case study to merge. The news was announced this past September following one year of discussions, the East Kootenay News Online Weekly reported.

They include Columbia Valley Credit Union (4,400 members, $142 million in assets), Creston & District Credit Union (5,300 members, $138 million in assets), Grand Forks Credit Union (8,000 members, $200 million in assets), East Kootenay Community Credit Union, (11,480 members, $327 million in assets), Heritage Credit Union (7,400 members, $175 million in assets), Kootenay Savings Credit Union (39,000 members, $1 billion in assets) and Nelson & District Credit Union (9,200 members, $211 million in assets).

The credit union boards are expected to have made a decision about the merger before winter. Members then vote on the proposal. If the merger is successful, the resulting credit union will have 82,000 members in 22 communities and $2.2 billion in assets. ◊