By: Mr Shades Media Staff
Members of Prospera Credit Union and Westminster Savings have approved
the largest merger in Canadian credit union history. The results were
announced today at two special general meetings for members of each
respective credit union where all members were thanked for
participating in the democratic process, regardless of how they voted.
Both memberships needed at least 2/3 of votes cast to be in favour of
the merger resolution. The positive vote means that the credit unions
will merge effective January 1, 2020.
“We’re excited by this outcome because of the opportunities the merger
will bring to our members, employees, and local communities,” says
Prospera CEO Diane Dou. “This merger means an enhanced ability to
invest in the technology, products and services that members and local
businesses require – all while keeping our local roots, something
we’re known for and that is important to our members. It means even
more dynamic and fulfilling careers, better training and professional
development opportunities for our valued employees, and an enhanced
ability to invest in and support our local communities.”
The merged credit union will be Canada’s sixth largest, with more than
$9.0 billion in assets under management, over 120,000 members, 900
employees and 29 full service branch locations. The added scale and
resources will allow the merged credit union to invest more in the
technology, products and services that members and local businesses
now demand and to compete effectively in today’s financial services
marketplace. It will also allow for continued significant investment
in local charitable endeavors building on the proud history of both
credit unions and their commitment to their local communities.
“As a combined entity, we will have a heightened ability to build on
our local roots as a community based, purpose-driven organization
through even deeper relationships with the communities we serve and
support,” says Eric Nadin, Board Chair, Prospera. “We look forward to
serving our members the way they want to be served, while maintaining
this local focus.”
In keeping with their commitment to local communities, Prospera and
Westminster Savings will donate at least $1 for each ballot received
during the special resolution voting period. Prospera will donate
$3,318 to the BC Children’s Hospital Foundation and Westminster
Savings will donate $5,000 to each of their three community partners
(KidSport BC, Arts Umbrella and Special Olympics BC).
For more information on the merged credit union, go to futurestrong.ca.