By Don Urquhart, Times Chronicle
Osoyoos Credit Union (OCU) along with two other community-focused BC credit unions have commenced merger discussions.
Along with OCU, the Revelstoke Credit Union and Summerland Credit Union say they are exploring a possible merger aimed at better positioning themselves “to serve their collective memberships, employees and communities, through scale and combined resources.”
A Memorandum of Understanding is in place with the three in the “very early stages of discussions” and beginning the work to complete a thorough assessment of the opportunity,” they said.
The merger would create a network of six combined branch locations, serving approximately 16,350 members, spanning across the Southern Okanagan and Columbia-Shuswap communities from Osoyoos, Oliver, Keremeos, Rock Creek, Summerland to Revelstoke.
The combined organization’s total assets under administration would be just over $874 million.
“Following our strategic initiative of collaboration, Osoyoos Credit Union is pleased to explore new opportunities … in order to understand the potential value creation for our members and our communities,” says Diana Thomas, Board Chair of Osoyoos Credit Union. “This opportunity embraces our mission: Together We Are Better,” she added.
Amongst the benefits, the three are hoping to tap include enhanced capacity, scale, technological investments, talent attraction and development opportunities for staff.
These will be assessed in terms of how the merged entity could add value for their collective memberships, employees and communities.
Should the boards of directors of each of the three credit unions agree on the merger it will then go for regulatory review and consent before finally to the membership of each credit union for a vote. It is expected that the members of all three credit unions will be asked to vote in the Spring of 2025, the three said in a statement.
Osoyoos Credit Union started in 1946 and after 78 years has grown to 4,000 members, 26 employees and $207 million in assets.
With over 4,700 members, 54 employees, $267 million in assets and a general insurance and wealth subsidiary, Revelstoke Credit Union has contributed more than $7.5 million of profit directly back to its members and the community since 2000.
Summerland Credit Union is in its 80th year of operations with over $399 million in assets, 38 employees and serving over 7,200 members.
