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BCFSA consents to merger between Community Savings Credit Union and CCEC Credit Union

Consent to credit union merger gives CCEC members the opportunity to vote on combining CCEC Credit Union and Community Savings Credit Union

 

Vancouver, BC (July 14, 2022) – (Vancouver/ Unceded Territories of the Musqueam, Squamish and Tsleil-Waututh Nations) Community Savings Credit Union is pleased to announce that the BC Financial Services Authority (BCFSA) has given regulatory consent for the merger of CCEC Credit Union (CCEC) and Community Savings Credit Union (CSCU). The merger will be in the form of an acquisition by asset transfer. 

The regulatory consent from BCFSA marks a key milestone in the merger process, and allows for the CCEC membership to vote in order to finalize the merger. The merger has the unanimous support of the boards of both credit unions. 

The merger would expand services and opportunities for the combined membership of CCEC and Community Savings. The combined credit union would have seven operating branches across the Lower Mainland, including Vancouver, Burnaby, New Westminster, Port Coquitlam, Surrey and Victoria. The combined assets under administration of the combined credit union would be just under $750 million.

“Increasing the capacity of our services and support for our members has always been a priority, and doing this through a merger with another values-aligned credit union is extremely important to us,” said Mike Schilling, CEO of Community Savings Credit Union. 

“Community Savings Credit Union is the ideal partner for CCEC, with a similar vision and shared values of community and social justice,” said Marty Frost, Board Chair, CCEC Credit Union. “With more than four decades of shared history, CCEC and CSCU together as a combined credit union will pursue opportunities to better serve members and intend to continue CCEC’s legacy of providing access to financial services where mainstream banks fall short.” 

The membership of both credit unions stand to benefit from more competitive rates, increased branch services, and online banking experiences. Any previous key products and services provided from CCEC Credit Union to its members will continue to be provided as part of the combined credit union once the merger is completed.

Members of CCEC will decide on the merger in a final voting session scheduled for August 16th 2022.

About Community Savings
We exist to unite working people to build a just world. This is our guiding principle above and beyond the products and services we provide daily. Community Savings Credit Union is committed to financially empowering its members and BC’s communities by providing best-in-class personal and business banking while supporting economic inclusivity. A purpose-led and fully unionized credit union that is the largest provider of banking services to BC labour unions. We live by our actions as Community Savings has a strong history of advocating for the working community to create a better BC for all.

For more information visit:

comsavings.com

Or contact
Ed Sue Manager, Marketing
Community Savings Credit Union
604-637-5009

 
 

Frequently Asked Questions:

The merging of our credit unions will be in the form of an asset transfer and will enable us to strengthen our combined resources to provide increased product offerings, specialized expertise and an expanded branch network to our members. Combining resources will allow us to better serve our collective members, colleagues and our communities. Community Savings recognizes CCEC’s unique position as the credit union that provides banking for all, this aligns closely with Community Savings values and through this merger, we will be able to extend this vision and spirit.
There are many steps along the way for a successful merger including due diligence, regulatory consent and a positive membership vote. We hope to merge in Fall 2022. We will be providing regular updates to members throughout this process.
Members should notice little change at the time of the initial merger to their branch and how they bank. Our plans do not include any branch closures and the combined credit union will have seven branch locations in the Lower Mainland, making Community Savings branch locations easily accessible to all members. Our credit unions are committed to continuing to serve you the way you know and love, providing continuity of service with undivided attention, a friendly attitude and advice that’s always in your best interest. Providing everyone with access to high-quality financial services is at the base of our combined vision.
At the time of the merger members of the merged credit union will keep their current products, accounts and other financial services. It will take some time to migrate to a common banking platform that can be accessed from all branches and over time CCEC members will receive a Community Savings bank card. A merger presents a perfect opportunity to review and improve the different accounts and products offered by each credit union. We will be evaluating our merged products and services to determine what best meets the needs of our members.
We recognize that our employees are central to what we do and how we are able to deliver outstanding service to our members. There will be opportunities for every single employee to benefit from this merger, and our process includes extensive consultation with our employees and their respective labour unions. There will be greater resources, more career and professional development opportunities, and all employee rights will be fully protected. CCEC will be joining and adding to the largest fully unionized credit union in B.C.
Mike Schilling will continue to be CEO and Jo Ha, currently the Interim General Manager of CCEC, will be joining the leadership team at Community Savings Credit Union. We are extremely pleased that Jo Ha will be joining the leadership team bringing her invaluable expertise and commitment to the credit union movement.
Two board seats at Community Savings Credit Union will be made available to appoint directors from CCEC Credit Union. This will ensure that all members have a voice and feel confident that their values and interests will be fully promoted post-merger.  All members will be eligible to run for the Board of Directors in subsequent elections.