An Innovative Vision for the Future of Community Banking

September 25, 2025: Vancity and First Credit Union Receive Regulatory Consent, Clearance for Proposed Merger, Paving Way for Member Vote.

Vancouver City Savings Credit Union (Vancity) and First Credit Union (FCU) announced a significant milestone today in their proposed merger, having received regulatory consent from the BC Financial Services Authority (BCFSA). This decision allows First Credit Union to proceed with the member vote later this fall, a vital step towards building a stronger, more resilient community banking model for its members.

The proposed merger is a strategic, values-driven partnership driven by a shared vision to preserve and enhance community cooperative banking across the province. Unlike traditional mergers which are often focused on immediate cost savings, this proposed merger aims to establish a scalable, long-term model with greater ability to withstand economic uncertainty. It will serve as a blueprint for like-minded institutions to effectively combine resources while safeguarding local identity and the personal service standards members have come to expect.

“This regulatory consent and clearance are a testament to the thoughtful and strategic approach both Vancity and First Credit Union have taken in planning this partnership,” said Vancity President and CEO Wellington Holbrook. “It validates our shared belief in the future of community banking, and that this new model means we can better serve the people who count on us, support local economies and build a better world. We are excited to move forward to the member vote and to build a future where cooperative values thrive.”

“Receiving BCFSA’s consent and clearance from the Competition Bureau marks a pivotal moment for First Credit Union and our dedicated members and employees,” added Linda Bowyer, CEO of First Credit Union. “This proposed merger offers a made-in-BC solution to the evolving demands of the financial landscape, providing our members with access to Vancity’s extensive resources and advanced digital capabilities, while preserving our deep roots and local presence in the communities we serve. We believe this partnership is in the best long-term interest of our members and the cooperative banking system as a whole.”

The proposed merger addresses key industry pressures, including the need for sustained investment in technology, the ability to meet increased compliance requirements, and rising costs. By combining forces, the unified entity will boast:

Over 585,000 members
More than 2,400 employees
60 combined branches across British Columbia, from Metro Vancouver to Vancouver Island and the Gulf Islands
Over $38.2 billion in total assets under administration

The proposed merger is designed to enhance member value, strengthen financial and operational stability, and ensure the continued vitality of cooperative community banking in BC. Key benefits for members and employees include enhanced member experience, increased resilience, employee opportunities, and continued community impact. The member vote for First Credit Union members is anticipated to take place later this fall. Vancity members are not required to vote on this proposed merger.

Further details regarding the proposed merger and the upcoming member vote will be communicated directly to First Credit Union members in the coming weeks.

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.

First Credit Union will maintain its community presence while allowing its members access to an expanded branch network.
The partnership will also give First’s members, and the employees serving them, access to Vancity’s wider array of financial products and services, deeper capital, larger networks, and growing technological capacity.
The distinct identities of both credit unions will be maintained as will a commitment to local employment.

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.