Q: Tell us more about First Credit Union.
A: First Credit Union is the oldest credit union in BC and has a proud 86-year history serving communities in the south coast of BC. The credit union shares Vancity’s values and commitment to the delivery of member-centred financial services for all and driving meaningful impact in the community. The credit union’s eight branches serving communities on the Sunshine Coast, Gulf Islands and Vancouver Island complement our branch network. FCU operates on the traditional territories of the Coast Salish Peoples, specifically the K’òmoks, Klahoose, Tla’amin and Squamish Nations.
Q: Why does Vancity want to merge with First Credit Union?
A: Mergers are an important part of Vancity’s strategy in support of our commitment to community and ensuring that community banking thrives. 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 First Credit Union and the right partners, Vancity intends to meet these challenges head on to grow and make the future of community banking bright again.
First Credit Union shares Vancity’s values and commitment to the delivery of member-centred financial services for all and driving meaningful impact in the community. Together with First Credit Union, we’re co-creating a model for mergers that intends to maintain First Credit Union’s presence and service delivery in community, while extending benefits to their members through our complementary network of more than 50 branches, growing technological capacity, a wider array of financial products and services, and more.
Q: How will the proposed merger benefit members and communities?
A: This proposed merger is intended to benefit members and communities in important ways:
- Our intent is that members of both credit unions will benefit through greater access and convenience via a broader branch network, and First Credit Union members will also benefit from a larger selection of products and services and more modern digital banking options.
- This proposed opportunity will help ensure we can continue to contribute to the sustainability of communities within British Columbia. First Credit Union and Vancity share many values, including investing in our communities.
Q: Will the proposed merger impact Vancity community grants or Vancity member dividends?
A We don’t anticipate the proposed merger will affect current Vancity Shared Success grants or member dividends. First Credit Union and Vancity share many values, including investing in our communities.
Q: How will the proposed merged credit union operate? Is First Credit Union becoming part of Vancity?
A: If the proposed merger proceeds, First Credit Union would become a part of Vancity while operating under its own unique brand identity.
Q: Will Vancity change its name if the merger proceeds?
A: No. And while First Credit Union will become part of Vancity if the proposed merger proceeds, we intend for First Credit Union to maintain its distinct branding in respect of its local heritage.
Q: Will the staff at First Credit Union branches change as a result of the proposed merger?
A: Our intent is that First Credit Union members will continue to see familiar employee faces at their branches if this merger proceeds. Through this process we are committed to maintaining local employment while delivering the high level of service members currently receive.
Q: Will members have access to more branches as a result of the proposed merger?
A: Yes! If the proposed merger proceeds, current members of Vancity and First Credit Union can now access an increased number of branches across both organizations trade area.
Q:: Will Vancity close branches if the merger proceeds?
A: No, we don’t anticipate branch closures resulting from this proposed merger.
Q: How many branches will the proposed merged credit union have?
A: If the proposed merger proceeds, members will have access to Vancity’s network of over fifty branches throughout the Greater Vancouver and lower mainland area, Victoria, and Cormorant Island, as well as 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).
Q: What happens to my accounts if the merger proceeds?
A: We do not anticipate Vancity member accounts changing as a result of this proposed merger.
Q: What is the intended timeline and what are the next steps? When would the proposed merger take effect if approved?
A: 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 First Credit Union members, the merger would proceed.
Q: Do Vancity members vote on this proposed merger?
A: In accordance with applicable legislation, Vancity’s members will not need to vote on the intended transaction, as currently structured. First Credit Union members will vote as the entity whose assets are being transferred to Vancity.
Q: Where can I go for more information?
A: We will keep our website updated with current information as it becomes available.