The boards of Mountain View Credit Union (MVCU) and Connect First Credit Union (CFCU) have voted to approve the business case for the possible amalgamation of the institutions, opening the way for members to vote on the proposal in June.
“Our board has determined that an amalgamation based on the principles of partnership and regional autonomy will provide greater value for our members than remaining as two independent credit unions,” Mountain View board chair Charlie Van Arnam said in a release Friday.
Headquartered in Olds, MVCU operates 13 branches and has assets of about $850 million. CFCU operates 29 branches and has assets of $5.8 billion.
Should the amalgamation receive member and regulatory approval, the amalgamated credit union would operate under the legal name of Connect First Credit Union Ltd, with four brands: Chinook Financial, First Calgary Financial, Legacy Financial and Mountain View Financial.
The proposed amalgamation has been in the works for several months, with MVCU having approached CFCU with the proposal to merge.
“The benefits to our members include more competitive products and services, enhanced technology offering, increased ownership dividend opportunities and more locations to do their business across Southern and Central Alberta”, said Connect First Board chair Andrew Eberl.
Mountain View Credit Union members are scheduled to vote on the merger at Olds College on June 6, a day after Connect First members vote in Calgary.
