Integris Credit Union has signed a memorandum of understanding (MOU) with Vancouver Island bank Coastal Community Credit Union, to look into a potential merger.
This MOU represents a commitment to evaluate the "benefits and implications" of a merger to ensure it aligns with the best interests of members, clients, employees and communities, according to a press release on Wednesday, April 2.
“This partnership is about looking to the future. By exploring how we can grow together, we’re opening new opportunities to strengthen our resilience and improve the products and services our members rely on. Together, we can do more—for our people, for our members, and for our communities”, said Alexandra Goseltine, chair of Integris’ board of directors.
By combining the strengths, resources and employees of the two credit unions, the aim is to empower the credit unions to "expand their capabilities, directly benefiting members and clients by enhancing services and maintaining the strong local presence and personalized attention to the communities the credit unions each have today," according to the press release.
The credit unions also said the potential merger would create a stronger platform to invest in innovation, attract and retain great people, and deliver even greater financial health and well-being to members, clients and communities.
With the MOU signed, the focus is now on evaluating the potential merger's impact and benefits.
If the boards of directors of both credit unions agree to pursue a merger, the transaction will be subject to consent from BCFSA Superintendent of Financial Institutions, review by the Competition Bureau and any applicable member votes as may be required under credit union legislation.
Integris Credit Union was founded in 1946 and serves 27,000 members across north-central B.C. It has $1.3 billion in total assets under administration.
Coastal Community Credit Union was also founded in 1946 and has $3.4 billion in on-book credit union assets. It serves a membership on Vancouver Island and the Gulf Islands.
Integris and Coastal Community said they are committed to keeping their members, employees and communities informed throughout this process and will share updates as they become available.
In the meantime, both credit unions will continue to operate independently.
