In a historic merger, Servus and connectFirst Credit Unions have successfully unified, marking a significant event in the cooperative banking sector of Alberta. This move comes after the overwhelming approval of more than 84% of the members of both credit unions and ratification by the Credit Union Deposit Guarantee Corporation. This merger represents the largest in Canadian credit union history and was enacted on May 1, with anticipation from the respective management that the joint venture will forge a formidably large and robust financial entity within the country. The merger joins together over 3,000 employees who will now serve nearly half a million members across 140 branches in 80 Alberta communities. Andrew Eberl, the former Chair of connectFirst’s Board of Directors, expressed that the collaboration of the two leaders in the industry will allow for significant investments in new technologies and continuation of their cooperative banking values. Ian Burns, who, prior to the merger was President and CEO of Servus, holds the same position in the new entity. He emphasizes the timely essence of the merger due to the rapidly evolving financial landscape and its potential for generating substantial benefits for members, employees, and the broader community in Alberta. The merger unites Servus, with its long-standing history and wide reach, and connectFirst, known for its strong financial standing and substantial assets. Both credit unions will maintain their operations while planning a gradual and efficient integration, focusing on optimizing member services and realizing the benefits of the merger. For further details on the merger process and its implications, information is provided at greatertogether.info
Banking and Finance, Mergers and Acquisitions,Alberta, Canada, Canada
https://www.globenewswire.com/news-release/2024/05/01/2873446/0/en/Servus-and-connectFirst-credit-unions-announce-historic-merger-will-proceed.html