Following a comprehensive and democratic voting process, we are pleased to announce that First Credit Union members have voted YES to approve the merger with Vancity!
This decision reflects a shared vision for a stronger, more impactful financial cooperative that continues to champion positive change in our communities. We are grateful to every member who engaged in this important process and cast their vote. Your participation is the cornerstone of our cooperative model.
By uniting with Vancity, we are creating an even more robust and influential financial institution, dedicated to our founding principles. This merger will allow us to:
Your banking experience remains our top priority.
While this is a significant step, we want to assure you that there will be no immediate changes to your accounts, services, or the way you bank with FCU. We are committed to a smooth and seamless integration process, ensuring minimal disruption for our members.
Over the coming months, we will be working diligently to integrate our operations. We will keep you fully informed every step of the way, providing clear communication about any future changes and how they might benefit you. Please visit this dedicated FAQ section for ongoing updates.
This is an exciting new chapter for FCU, one that reinforces our commitment to you, our communities, and our shared values. We look forward to building an even brighter future together.
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:
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.
Linda Bowyer, CEO of First Credit Union and Wellington Holbrook, CEO of Vancity
"In First Credit Union, we have found a values-aligned partner with a talented team committed to delivering member-centred financial services for all and driving meaningful impact in the community."
—Wellington Holbrook, President and CEO, Vancity
