Integris Credit Union has signed a memorandum of understanding (MOU) with Coastal Community Credit Union to explore a potential merger.
“This partnership is about looking to the future,” said Alexandra Goseltine, chair of Integris’ board of directors, in a press release on Wednesday, April 2. “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.”
The potential merger is expected to combine the strengths, resources and expertise of both organizations, with an emphasis on enhancing services and maintaining their strong local presence, the announcement states.
“In the spirit of the credit union movement, we are very happy to be working with Integris to create a stronger credit union that is better able to serve the needs of Vancouver Island, the Gulf and Discovery Islands, and north-central BC," said Dominique Roelants, chair of Coastal Community’s board of directors.
Founded in 1946, Integris Credit Union serves 27,000 members across north-central BC with $1.3 billion in total assets under administration.
Coastal Community Credit Union, also founded in 1946, has $3.4 billion in on-book assets and serves a large membership on Vancouver Island and the Gulf Islands.
If the merger progresses, it will be subject to approval by the BC Financial Services Authority’s Superintendent of Financial Institutions, a review by the Competition Bureau and potential member votes.
Both credit unions are committed to transparency throughout this process and will keep their members, employees and communities informed of new developments. the announcement states. Coastal and Integris will continue to operate as usual for now.
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