The oldest Victoria-based credit union is merging with its biggest brother.
Greater Victoria Savings is in merger talks with Vancity after the board of the Vancouver Island credit union decided a merger would best meet the needs of its members. The merger would expand Vancity's presence on Vancouver Island to five branches and one insurance branch, from its current two branches.
As part of the merger deal, Vancity will create a $5 million legacy fund to carry on GVCU's community work on the island, managed by the GVCU board. Vancity and the GVCU have begun due diligence talks and expect to bring the merger to a member vote in late fall.