Two long-standing credit unions have been given approval for a proposed merger.
Prospera Credit Union and Westminster Savings Credit Union were given regulatory consent Thursday by B.C.’s Financial Institutions Commission (FICOM).
The proposed merger – unanimously endorsed by the boards of both credit unions – will now be put to all members through an information campaign and voting process from Oct. 30 to Nov. 15.
If approved by the memberships, the merged entity will be known as Prospera Credit Union.
Each credit union requires at least two-thirds of the votes cast by their members to be in favour for the merger to move forward.
If the merger is approved, the credit unions expect to begin joint operations in January 2020.
A members’ guide to the merger will be mailed to members in late September. The guide includes how and where to vote, merger benefits and risks, and where to find out more information.
Prospera and Westminster will donate $1 for each of the first 10,000 ballots received during the special resolution voting period.
Prospera will donate to the BC Children’s Hospital Foundation and Westminster will donate to KidSport BC, Arts Umbrella and Special Olympics BC.
The merged credit union will be Canada’s sixth largest, with $9.5 billion in assets under management, more than 120,000 members, 900 employees, and 29 branches.
Prospera’s head office is in Abbotsford, while Westminster’s is in Surrey.