Interior Savings Vernon Branch (submitted image)

By Kevin Rothwell

Interior savings

Credit union members vote on merger

Oct 6, 2023 | 6:00 AM

The B.C. Financial Services Authority (BCFSA) has cleared two credit unions to proceed with a member vote on a proposed merger.

Voting will open for members of Interior Savings Credit Union and Gulf and Fraser Credit Union, with results to be announced on Nov. 7.

“We believe that Gulf and Fraser and Interior Savings are better together,” Floyd Yamamoto, president and board chair at Gulf and Fraser stated. “By coming together to form a province-wide credit union, we will have the potential to do even more for our members, employees and communities, while still maintaining the personalized service, professional financial advice, and the local feel our members expect.”

If approved and accepted by the BCFSA, the merger is proposed to take effect on January 1, 2024. If supported by the membership, succeeding as CEO of the new credit union will be Brian Harris, current president and CEO of Interior Savings.

“Our members have an equal say in how their credit union operates. The decision to merge is no different,” Rob Shirra, board chair at Interior Savings said. “We’re seeking our members’ support and ask that they vote in favour of the proposed merger between Gulf & Fraser and Interior Savings.”

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Both Interior Savings and Gulf and Fraser were founded over 80 years ago by a small group of members.

Interior Savings has over 90,000 members across 17 communities.

For additional information on the merger click here.