CCEC Credit Union members vote to merge with Community Savings Credit Union

Community savings bank

Benefits anticipated for members as merger between CCEC and Community Savings is approved

Vancouver, BC – (Unceded Territories of Musqueam, Squamish and Tsleil-Waututh Nations), Aug. 17, 2022 (GLOBE NEWSWIRE) — Two like-minded credit unions are teaming up to better serve their members, employees and their community. Community savings bank and CCEC Credit Union are formalizing their merger plans, after the proposed merger received overwhelming support from CCEC members this week.

Both credit unions will operate as Community Credit Savings Credit Union in seven operating branches in Vancouver, Burnaby, New Westminster, Port Coquitlam, Surrey and Victoria. Members of both credit unions will benefit from more competitive rates, increased branch services and additional banking products.

“Credit unions accept the commitment to put people and communities before profits. Together, we will continue to advocate for a better future for workers and for our communities, while increasing the capacity of our services. We are proud to partner with CCEC,” said Mike Schilling, CEO of Community Savings Credit Union.

“By leveraging our collective strengths, we will provide greater opportunities to serve and advocate for our colleagues, our members and our communities,” said Marty Frost, Chairman of the CCEC Credit Union Board of Directors. “Our strong history of serving community activists, local co-operatives and non-profit organizations will continue with community savings, and together, as a combined credit union, we will continue to provide financial services where banks traditional ones are not up to par.”

The merger will take the form of an asset transfer acquisition, bringing Community Savings Credit Union’s total combined assets to just under $800 million and a combined total of 14,500 members.

As members benefit from due diligence, the merger is close to completion.

About Community Savings

Community Savings Credit Union is BC’s largest fully unionized credit union and is dedicated to being the credit union of choice within the working community. At Community Savings Credit Union, we are known for providing exceptional service to every member and our passion is to empower 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 nonprofit organizations to help create stronger, more vibrant communities. To learn more, visit https://www.comsavings.com/

About CCEC Credit Union

CCEC Credit Union is a one-branch financial cooperative located on Commercial Drive in Vancouver. The credit union was established in 1976 by a group of community organizations, community activists, local cooperatives and non-profit organizations who were unable to access financial services through banks and traditional credit unions. We provide basic financial services to our personal and business members, including many cooperatives and community groups. To learn more, visit https://www.ccec.bc.ca/

CONTACT: [email protected]

Jill E. Washington