Prospera Credit Union, headquartered in Abbotsford, and Westminster Savings Credit Union, based in Surrey, have been given approval for a proposed merger. (Google Street View)

Prospera and Westminster credit unions approved for proposed merger

Abbotsford- and Surrey-based companies now take matter to membership vote

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.

RELATED: Prospera Credit Union in Abbotsford mentors woman from Mongolia

RELATED: Surrey Mayor’s Art Awards winners celebrated at Guildford hotel



newsroom@abbynews.com

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Arrest at Abbotsford shopping centre

Man detained Thursday afternoon

Two Chilliwack women make weekly Crime Stoppers most wanted list

Ashley Felix and Raina McDonald wanted on unrelated issues

United Way grant provides food to 100 former prisoners, families

Abbotsford-based M2/W2 Association receives $25,000 to supply groceries

Kilby Park in Harrison Mills under water

Area is often subject to flooding, Historic Site will remain open through the summer

Foundry Abbotsford celebrates two years of service

Agency provides support to youth ages 12 to 24 and their families

All community COVID-19 outbreaks declared over in B.C.

Abbotsford manufacturer cleared by Dr. Bonnie Henry

B.C. First Nations vow to keep fighting after Trans Mountain pipeline appeal denied

Squamish Nation, Tsleil-Waututh Nation and Coldwater Indian Band made the application

‘Queue jumpers’ not welcome in B.C. as COVID-19 U.S. cases rise: Horgan

Premier Horgan said he’s heard concerns that Americans have stopped at Vancouver hotels instead of heading to their destination

Police arsenal deployed to avoid potentially violent situation: Mounties

Langley RCMP arrest armed Vancouver man after Tasering him on side street

US officer resigns after photos, connected to death of black man in 2019, surface

Elijah McClain died, last summer, after police placed him in a chokehold

Black worker files discrimination complaint against Facebook

Oscar Veneszee, Jr. has worked as an operations program manager at Facebook since 2017

Ottawa jail inmates argue anti-COVID measures a breach of charter rights

The prisoners allege guards did not wear masks until April 25

Nestle Canada selling bottled water business to local family-owned company

The Pure Life bottled water business is being sold to Ice River Springs

Most Read