Credit unions announce proposed merger

First Credit Union and Union Bay Credit Union recently announced approval of a business case proposing to merge the two credit unions. Details 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, according to a media release. The intent is that all eight branches of the combined organization will continue to operate.

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“In today’s competitive environment, member demands are changing as quickly as the financial services industry itself,” stated First Credit Union board chair Guy Chartier. “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.”

Members can find more information about the proposed merger at sharedvisionsharedfuture.ca. 

“We are both successful cooperatives founded with the express purpose of helping our members achieve their financial goals,” stated Union Bay board chair Sharon Hadden. “Like us, First Credit Union works for the sustainable development of their communities. This is a natural partnership.”

First Credit Union is the longest-running credit union in BC, incorporated in 1939. With five branches, including in Powell River, the organization serves more than 12,000 members in five coastal communities. 

Union Bay Credit Union is a member-owned, cooperative financial institution with branches in Union Bay, Bowser and Hornby Island. It was formed in 1944.

 
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