Vancouver, BC, October 19, 2021 (GLOBE NEWSWIRE) – (Unceded territories of the Musqueam, Squamish and Tsleil-Waututh nations) Two BC community credit unions, CCEC Credit Union and Community Savings Credit Union, are pleased to announce that they have entered into merger discussions. By uniting together, credit unions will better serve their collective members, employees and communities, through combined scale and resources. The credit union will also continue to be fully unionized after the merger.
The merger would create a network of seven combined branches, serving 14,500 members, covering the Lower Mainland communities of Vancouver, Burnaby, New Westminster, Port Coquitlam, Surrey and Victoria. The combined organization will operate under the legal name of Community Savings Credit Union and the total assets under administration would be just under $ 765 million.
“CCEC was looking for a trusted, like-minded merger partner with a similar vision and shared values for how we operate and engage with our members,” said Marty Frost, Chairman of the Board. , CCEC Credit Union. “The partnership with the Community Savings Credit Union is perfect,” adds Frost.
“The key factors we all considered were cultural fit and trust, which are very close to both of our organizations,” says Phillip Legg, Chairman of the Board, Community Savings Credit Union. “By leveraging our collective strengths, we look forward to offering greater opportunities to our colleagues and members and we are committed to supporting the careers of both teams throughout this process,” continued Legg.
With a memorandum of understanding in place, credit unions are in the very early stages of discussions. The goal of the two credit unions is to work together to create a ladder to better serve members, employees and local communities while preserving the legacy built by CCEC members over the past four decades.
As due diligence progresses, members of the Community Savings Credit Union and CCEC Credit Union will receive regular updates through briefings, including a town hall currently scheduled for 4 November 2021. CCEC members will be invited to vote in the spring of 2022.
About community savings
Community Savings Credit Union is British Columbia’s largest fully unionized credit union and is dedicated to being the credit union of choice in the working community. At Community Savings Credit Union, we are known for providing exceptional service to every member and our passion is empowering our members to achieve their financial goals. Being owned and operated by its members, Community Savings invests in our communities by supporting local charities and nonprofits to help build stronger, more vibrant communities.
About CCEC Credit Union
CCEC Credit Union is a single branch financial cooperative located on Commercial Drive in Vancouver. The credit union was formed in 1976 by a group of community organizations, community activists, local cooperatives, and non-profit organizations that were unable to access financial services from banks and banks. traditional credit unions. At CCEC, we provide basic financial services to our personal and business members, including many co-ops and community groups.
To find out more, visit https://www.comsavings.com/working-together