By Don Urquhart, Times Chronicle
Members of Osoyoos, Revelstoke, and Summerland Credit Unions have voted overwhelmingly to the merger proposition that will create the Cascadia Credit Union with combined assets of $890 million, six branches and 16,350 members.
Voting took place between May 26 and June 2 with 89.9 per cent voting in favour of the proposed merger.
With strong support from members across each organization, the merger is now receiving final regulatory approvals. The merger will officially take effect on July 1, 2025, when the three organizations will unite as Cascadia Credit Union.
“This is a vote of confidence in the future,” says Diana Thomas, Board Chair at Osoyoos Credit Union (OCU).
“Members have told us they value local service, community connection, and long-term sustainability – and this merger delivers on all three.” Thomas has been appointed Vice Chair of the Board of the new Merged Credit Union.
The merger of the three long-established credit unions will bring expanded services, improved access to branches, and enhanced technology to over 25,000 members across the Southern Interior and Columbia-Shuswap regions of British Columbia, say the three credit unions.
The new entity will operate six branches (including four currently operated by the Osoyoos Credit Union), and “remain deeply connected to the communities it serves, and continue to make decisions locally.”
“This is about building something better together,” says Alan Chell, Board Chair of Revelstoke Credit Union.
“We’re combining decades of community leadership, trusted service, and financial strength to create a credit union that’s ready for the future-while keeping our members at the heart of everything we do.” Chell has been appointed Chair of the Board of the new credit union.
While the legal merger will take place in July, members will experience few immediate changes to their day-to-day banking, according to the OCU. The new credit union name, Cascadia Credit Union, will be visible at all branches, but they will continue to operate as usual for the time being, and all services will remain uninterrupted.
Integration planning is already underway to ensure a smooth transition, with members kept informed every step of the way, the OCU said.
“This decision positions us to serve our members even better, now and for generations to come,” says Lorrie Forde, Board Chair at Summerland Credit Union. “On behalf of all three boards, we thank our members for their thoughtful engagement and resounding support.” Lorrie has been appointed Director of the Board of the new credit union.
More information on the new, merged credit union, including integration updates, can be found at yourfuturecu.ca. For more details on what the merger entails see earlier Times Chronicle coverage on the merger.
