Servus and connectFirst credit unions announce historic merger will proceed
May 01 2024 - 10:37AM
In a landmark move for cooperative banking in Alberta, Servus and
connectFirst Credit Unions proudly announce that their merger
closed on May 1. This announcement follows approval from the Credit
Union Deposit Guarantee Corporation and more than 84 per cent of
each credit union’s membership.
“The merger marks the union of two industry leaders, each
bringing unique strengths and capabilities that, together, will
create one of the largest and strongest credit unions in the
country,” says Andrew Eberl, Chair of the former connectFirst Board
of Directors. “The resounding approvals we received from voting
members of both credit unions show how truly promising the benefits
of this merger are.”
Together, connectFirst and Servus now unite more than 3,000
employees and serve approximately 500,000 members across 140
branches in 80 Alberta communities. The merger enables the credit
union to operate at the scale necessary to invest in new
technologies and thrive for the long term while preserving the
cooperative values and ways of banking that are important to
members, employees and the communities the credit unions serve.
As previously announced, Ian Burns is now President and CEO of
the new credit union. Immediately prior to the merger, Ian served
as President and CEO of Servus.
According to Burns, "With this merger, we have achieved
something truly momentous. It is not only the largest merger in
Canadian credit union history, but we've moved through the process
in a timely manner, which is important in the context of the
rapidly evolving financial services landscape. I can’t say enough
how excited I am to begin implementing the changes that will bring
enormous benefits to our members, our employees, and the
communities we serve."
Prior to merging, Servus and connectFirst were two of the
largest credit unions in Alberta. “By joining forces, we are
combining our resources, expertise and passion for serving our
members to create an even more impactful credit union that is
deeply focused on creating a brighter financial future for members,
employees, and the entire province of Alberta," says Perry Dooley,
Chair of Servus’s former Board of Directors.
Both credit unions will continue to operate largely as they have
while planning a longer-term integration effort. While the combined
credit union is now under unified leadership, most member-facing
activities will continue to operate largely as they have before.
“We look forward to quickly and efficiently integrating
member-facing functions in the near future so that our members can
enjoy all the benefits of the merger,” says Burns.
For more information on the merger, please
visit greatertogether.info.
About Servus Credit Union Ltd.Servus Credit
Union has served Albertans for over 80 years with a full line of
secure financial services. The financial institution has more than
100 branches in 61 communities throughout the province as well as
options for online, mobile and telephone banking. Servus's noble
purpose is to help members reimagine their financial fitness so
that they feel good about their money. For more information about
Servus, call 1.877.378.8728 or visit servus.ca.
About connectFirst Credit UnionconnectFirst
Credit Union, one of the largest and most successful credit unions
in Canada, is a full-service financial institution with over $7
billion in assets under administration. connectFirst employs 750
Albertans who provide a wide range of financial products and advice
in more than 40 communities across central and southern Alberta. It
serves over 125,000 members through a community-focused approach to
banking.
Media Contacts:
Servus Credit Unionmedia@servus.ca(825)
402-0740
connectFirst Credit UnionBeth KerrManager,
Brand and Communicationsbkerr@connectfirstcu.com(403)
736-4217