An amalgamation of Mountain View Credit Union (MVCU) with Calgary-based Connect First Credit Union would be a benefit to both customers and staff, says Charlie Van Arnam.
The newly-elected chairman of MVCU, Van Arnam told members at last week’s annual general meeting that bringing the two credit unions together would be a win-win situation.
“The board is completely behind this initiative,” said Van Arnam, who is also a previous chairman of MVCU. “I think it is an incredible opportunity both for the members of our credit union as well as our staff.”
MVCU operates 13 branches and has assets of $852 million.
Connect First Credit Union operates 29 branches under the brands First Calgary Financial, Chinook Financial and Legacy Financial. It has over $5.8 billon in assets.
A possible amalgamation of the credit unions has been in the works for several months, with MVCU having approached Connect First Credit Union.
The boards of directors for both credit unions have already held meetings regarding the proposed merger.
MVCU members and Connect First members are scheduled to vote on the possible amalgamation in June.
Prior to the votes, much more work will need to be done as part of the process, he said.
“There is still a lot of information still to come as more details become available,” he said.
