By Pete McIntyre

Credit union merger put to members

Sep 19, 2019 | 2:46 PM

Prospera Credit Union, which has a branch in Vernon, has received approval from B.C.’s Financial Institutions Commission for a proposed merger with Westminster Savings Credit Union.

Members of both institutions will vote on the proposed merger from October 30 to November 15.

If approved, the merged entity will be known as Prospera Credit Union, and would be Canada’s sixth largest credit union, with more than 120,000 members, 29 branches, and $9.5 billion in assets under management.

Each credit union requires at least 2/3 of the votes cast by their members to be in favour for the merger to move forward. If the merger is approved, the credit unions expect to begin joint operations in January 2020.

A news release said member benefits from the merger will include an expanded branch footprint and the opportunity to provide new and enhanced products and services, more competitive rates and a better online and mobile banking experience.

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“We have explored the proposed merger in detail for over a year, and we are excited and energized by the merits of joining forces to create an organization and culture that is FutureStrong,” said Art Van Pelt, chair of the board of directors, Westminster Savings Credit Union. “By bringing our organizations together, we are positioning ourselves to deliver all the benefits our members and employees are looking for – and more.”

“Our combined vision builds upon more than 75 years of experience as community-based, purpose-driven organizations,” added Eric Nadin, chair of the board of directors, Prospera Credit Union. “We have a unique opportunity to do something very special together, to establish a sustainable business model that allows us to give back to our communities while offering personal service, value to members and interesting, rewarding careers for our employees. For now, and generations to come.”

by Pete McIntyre

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