February 27, 2025: Vancity and First Credit Union Discuss Potential Merger
Innovative model will preserve and strengthen community banking powered by values-driven financial services.
Vancity and First Credit Union are excited to share their intention to explore a potential merger. This merger would strengthen local community banking in British Columbia and enhance member access to financial services in communities on the North Sunshine Coast; Vancouver Island; and on Bowen, Texada and Hornby Islands. First Credit Union and Vancity both share a long history of putting people first, creating positive financial impact, and delivering values-based services that empower communities.
This partnership will support an innovative vision for the collective future of community banking. With the financial services industry facing growing competition, escalating operating costs, and the need for sustainable organic growth, credit unions are increasingly looking to mergers to achieve the necessary scale for continued success.
“By creating this opportunity together, we have the chance to preserve and grow local community banking,” said Wellington Holbrook, President and CEO of Vancity. “And we’re showing how we can develop a sustainable, resilient, and scalable co-operative banking alternative for British Columbia.”
“Vancity shares our values, vision for the future of community banking, and commitment to making a difference,” said Linda Bowyer, President and CEO of First Credit Union. “By uniting our strengths, we will ensure long-term support for our members and communities, both today and in the future.”
The proposed merger is guided by the key principles shared by both credit unions and will strengthen community banking.
Both credit unions will be working with the BC Financial Services Authority (BCFSA) throughout this process to ensure all regulatory requirements are met, and if consent is granted, the merger will ensure continued access to banking services in communities served by First Credit Union.
Both credit unions envision the merger as the start of an innovative model for the future of co-operative, community banking across B.C. Both credit unions believe this model can be expanded to enhance community-centered services across the province and to address the needs of members, strengthen local economic resilience, help sustain community identity and local autonomy, and deliver positive social impact.
"With Vancity, First Credit Union has a shared commitment to uplifting and strengthening the members and communities we serve. Together, we’re not just expanding access to financial services, we’re creating a future where everyone can thrive,” said Bowyer. “This is an exciting new chapter, and we can’t wait to get started on it together."
“Credit unions are more than financial institutions; they power local economic development and return a ton of value back to the community. First Credit Union was the first financial co-operative in B.C., inspiring all credit unions that followed and kicking off the rapid growth of community finance across the province,” Holbrook continued.
Moving forward, both credit unions will share information to provide an opportunity for members to learn more about the benefits of the proposed merger. In accordance with applicable legislation, Vancity’s members will not need to vote on the intended transaction and, as the final stage of approval, First Credit Union members will vote as the entity whose assets are being transferred to Vancity.
Vancity is a values-based financial co-operative serving the needs of its 570,000 member-owners and their communities, with offices and more than 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka'wakw people.
With $36 billion in assets plus assets under administration, Vancity is Canada's largest credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
Established in 1939, First Credit Union is a values-based financial co-operative serving the needs of community members in Courtenay, Cumberland, Powell River, Union Bay, Bowser, and on Bowen, Hornby, and Texada Islands.
As a financial institution owned by its members, First Credit Union ensures all its activities work towards building thriving, vibrant communities. With this responsibility top of mind, First focuses on the financial, social and environmental well-being of the members and the communities it serves and invests 10% of its profits back into its communities.
A merger involves change and raises lots of questions. The information provided in this Q&A document is based on the most current details available regarding this potential merger. However, as we conduct due diligence, discussions continue, and new developments arise, the answers here may evolve. We are listening to our members and will keep you informed along the way.
Vancity is a values-based financial co-operative serving the needs of its 570,000 member-owners and their communities, with offices and more than 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka'wakw people. With $36 billion in assets plus assets under administration, Vancity is Canada's largest credit union. Vancity uses its assets to help improve the financial wellbeing of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
Why are we proposing to merge? And why with Vancity?
This proposed partnership supports an innovative vision for the collective future of community banking. In an operating environment undergoing fundamental shifts, we recognize the challenges the credit union system faces are evolving — but there are also opportunities for us to adapt and increase our relevance. Together with Vancity, we will meet these challenges head on to grow and make the future of community banking bright again.
In Vancity, we have found a partner that shares our values and our commitment to delivering member-centric financial services and driving meaningful impact in the community. Together withVancity, we’re co-creating a model for mergers that intends to maintain First Credit Union’s presence and service delivery in its communities, while extending benefits to our members through Vancity’s complementary network of more than 50 branches, growing technological capacity, a wider array of financial products and services, and more.
How will the proposed merger benefit members and communities?
The potential merger is intended to benefit our members and communities in important ways:
Will I have access to Vancity branches outside of my community as a result of the proposed merger?
Yes! If the proposed merger proceeds, we are excited for current First Credit Union members to benefit from access to a large branch network.
How will the proposed merged credit union operate? Is First Credit Union becoming part of Vancity?
If the proposed merger proceeds, First would become a part of Vancity while operating under its own unique brand identity.
Will the staff at my local branch change as a result of the proposed merger?
Our intent is that you will continue to see familiar faces at your branch if this merger proceeds. Through this process we are committed to maintaining local employment while delivering the high level of service you currently receive.
Will we close any branches as a result of the proposed merger?
Our intention is to maintain the availability of banking services in our communities. With no intention to close branches as a result of the proposed merger.
How many branches will the proposed merged credit union have?
If the proposed merger proceeds, members will have access to First Credit Union’s network of eight branches on Vancouver Island and the Sunshine Coast (Union Bay, Hornby Island, Bowser, Cumberland, Courtenay, Texada Island, Bowen Island, and Powell River), as well as Vancity’s network of over fifty branches throughout the Greater Vancouver and lower mainland area, Victoria, and Cormorant Island.
What happens to my accounts if the merger proceeds?
If the merger proceeds, it will be our goal to limit any member disruption and make the transition as seamless as possible. Our members will gain access to Vancity’s suite of banking services and products. As we determine more details, we will be transparent with members and will communicate with you through this process.
What is the intended timeline and what are the next steps? When would the proposed merger take effect?
Both credit unions are working with BC Financial Services Authority (BCFSA) to follow the appropriate regulatory consent process. Additionally, both credit unions will share information to provide an opportunity for members to learn more about the anticipated benefits of the proposed merger. If BCFSA consent is granted, the final stage of approval will be a vote by members of First Credit Union, as the entity whose assets are being transferred to Vancity, to approve the proposed merger and, if approved by FCU members, the merger would proceed. In accordance with applicable legislation, Vancity’s members will not need to vote on the intended transaction, as currently structured.
Where can I go for more information?
We will keep this site updated with current information as it becomes available.
—Wellington Holbrook, President and CEO, Vancity
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