File photo: Colton Davies
Prospera Credit Union and Westminster Savings Credit Union are one step closer to getting hitched.
B.C.’s Financial Institution Commission on Thursday gave approval for the proposed merger between Prospera and Westminster, which had been previously approved by both boards of directors. Members of both credit unions will vote on the proposal, known as FutureStrong, between Oct. 30 and Nov. 15.
If the memberships approve the merger, the partnership will become the sixth largest credit union in Canada with $9.5 billion in assets, more than 120,000 members, 900 employees and 29 branches.
The new entity, if approved, would be known as Prospera Credit Union. Westminster’s branches are all in the Lower Mainland, while Prospera has locations in the Vancouver area and in the Okanagan.
“Our combined vision builds upon more than 75 years of experience as community-based, purpose-driven organizations,” Prospera Credit Union chair Eric Nadin said in a press release. “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.”
Some of the benefits touted by both organizations include the opportunity to provide new and enhanced products and services, more competitive rates and a better online and mobile banking experience.
The credit unions also believe the merger would give their employees access to more dynamic and fulfilling careers, better training and professional development opportunities.
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