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.
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.
—Linda Bowyer, President and CEO, First Credit Union
