The proposed merger of two major credit unions in the Lower Mainland has collapsed.
North Shore Credit Union and Prospera Credit Union ended merger discussions after four months of negotiations, after the proposed merger was announced in April. At the time, the credit unions said the merger would help both organizations deal with a personnel shortage facing them.
Prospera had been looking for a new CEO during the past year. Chris Catliff, North Shore's CEO, would have become the new chief of the combined credit union. The merger would have created the third largest credit union in the province, with more than $4 billion in assets.
Currently, North Shore has $1.3 billion in assets and Prospera has $1.75 billion.