More than 90% of Greater Victoria Savings Credit Union's members have voted to merge with Vancity.
Under the merger, Greater Victoria Savings' four Vancouver Island branches will be remodelled under the Vancity banner.
The merger is part of a growing trend by credit unions across Canada to consolidate to provide better products and services to local members. With rising property values and higher technology costs, smaller credit unions are finding it more difficult to provide competitively priced products and services that meet their members' needs.
Greater Victoria Savings said the merger will also help it deal with recruitment and retention of staff, shrinking margins and increased regulatory demands.
Vancity's merger with Greater Victoria Savings is scheduled to take effect February 1. It follows months of negotiation and due diligence since the merger was announced in August.
The merger will add roughly 5,100 members and $66 million to Vancity's membership of more than 363,000 and assets of $12.3 billion.
Founded in 1940, Greater Victoria Savings is B.C.'s oldest Victoria-based credit union. Its name will continue in a $5 million legacy fund to support the local community. The fund will be administered by a local advisory council made up of Victoria Saving's current board of directors.