Vancouver-headquartered Central 1 Credit Union and Calgary-based Credit Union Central Alberta Ltd. yesterday announced a proposed merger.
The merger is intended to improve core services to more than 190 credit unions in B.C., Alberta and Ontario.
It would be subject to the approval of regulatory authorities and the boards of directors and shareholders of both centrals.
In a joint statement the credit unions noted the discussions are timely, considering the changing landscape of the credit union system.
The growing trend of individual credit unions merging into larger organizations has resulted in greater concentration of assets and members.
Don Rolfe, Central 1's president and CEO, noted that, “A merger of our organizations would be another step toward the development of a strong, national organization to support Canada's growing and vibrant credit union system. To effectively support credit unions, we need to look at ways to leverage our collective strengths.”
Central 1 and Alberta Central are the central financial facilities and trade associations for the B.C. and Ontario and the Alberta, credit union systems, respectively.
Central 1 holds $15 billion in assets and employs more than 550 staff and Alberta Central has assets over $1.9 billion and approximately 230 staff.
Jennifer Harrison
@JHarrisonBIV