Three credit unions in Revelstoke, Osoyoos and Summerland have voted in favour of merging, and will relaunch together as Cascadia Credit Union on July 1.
The merger comes after 90 per cent of members from the three organizations voted in favour of a joint venture, the credit unions announced in a joint release Thursday, June 5.
These credit unions, serving their communities since the mid-20th century, have provided financial services such as savings accounts, loans, mortgages, insurance and investment support, and each have thousands of members.
“This is a vote of confidence in the future,” Diana Thomas, board chair for Osoyoos Credit Union that formed in 1946, said in the release. “Members have told us they value local service, community connection, and long-term sustainability – and this merger delivers on all three.”
According to the release, Cascadia will bring expanded services, improved branch access and enhanced technology to more than 25,000 members across the Southern Interior and Columbia-Shuswap regions. It will open six branches, which will reportedly operate on local decision-making.
“This is about building something better together,” Alan Chell, board chair for Revelstoke Credit Union that formed in 1953, added in the release. “We’re combining decades of community leadership, trusted service, and financial strength to create a credit union that’s ready for the future – while keeping our members at the heart of everything we do.”
Revelstoke, Osoyoos and Summerland credit unions advised that, until the merger happens July 1, current members won't notice many immediate changes to their day-to-day banking, besides "Cascadia Credit Union" being displayed at their branch. The release added that service will otherwise operate as usual and without interruption this June, with integration planning already underway for a smooth transition to Cascadia.
“This decision positions us to serve our members even better, now and for generations to come,” Lorrie Forde, board chair for Summerland Credit Union formed in 1944, said in the release. “On behalf of all three boards, we thank our members for their thoughtful engagement and resounding support.”
Chell will sit as board chair for Cascadia, while Thomas becomes vice-chair and Forde becomes board director.
More information on the merger is available at yourfuturecu.ca.
