Westminster Savings Credit Union and Prospera Credit Union discuss joining forces

New Westminster/Abbotsford, BC, September 25, 2014 - The Boards of Directors of Prospera Credit Union and Westminster Savings Credit Union are pleased to announce they have recently initiated merger discussions.

"Both credit unions were founded with the express purpose of helping members achieve their financial goals and both have established deep roots in the communities they serve over the past seven decades," said Prospera Credit Union Board Chair Angela Kaiser. "Member and community focus is the cornerstone of both credit unions' success. We believe joining forces will build on our strengths and long-standing success to create an even stronger and better credit union equipped with the resources to innovate and invest in expanding our products, services and technology solutions."

"We are very excited about the potential of this partnership as we share similar beliefs, cultures, values and a strong commitment to putting the needs of our members first," said Westminster Savings Board Chair, Bill Brown. "Currently, we are in the early stages of exploring a merger and beginning the necessary due diligence in accordance with the Credit Union Incorporation Act and regulatory guidelines. The due diligence process will culminate in the analysis of a business case to ensure that a merger would add more value for our members, provide more opportunities for our employees, enable us to invest more in the communities we serve, and strengthen the credit union system as a whole."

If following the due diligence process, the Boards of Directors of both credit unions agree to pursue a merger, the next step would involve seeking consent from the Financial Institutions Commission of the proposed amalgamation agreement as per the Credit Union Incorporation Act as well as approval from our membership early in the Spring of 2015.

The two credit unions jointly represent more than 118,000 members, 800 employees and assets under administration exceeding $6.3 billion.

About Westminster Savings Credit Union

Established almost 70 years ago, Westminster Savings provides a full range of retail, commercial, and wealth management solutions to its members across metropolitan Vancouver. Westminster Savings offers a wide range of online and mobile banking services, access to global ATM networks and extended banking service through its contact centre located in New Westminster. Through its wholly owned leasing subsidiaries, Westminster Savings also provides auto, equipment, and fleet leasing solutions to its customers across the country. For more information about Westminster Savings Credit Union, visit www.wscu.com.

About Prospera Credit Union

Building on more than 65 years of history in British Columbia, Prospera Credit Union is proud to be a member owned co-operative serving our communities with operations that extend from Vancouver to Kelowna. As a full service financial institution that prides itself on building relationships, we serve our members through sixteen branches, online and mobile banking and a locally-based contact centre. Through our membership in The Exchange network, our members enjoy fee-free access to more than 2,300 ATMs across Canada. For more information about Prospera Credit Union, visit www.prospera.ca.

For further information, please contact:

Cathryn Tucker
Manager, Corporate and Internal Communications
Westminster Savings Credit Union
604-519-4210, ctucker@wscu.com

Erin Nesci
Manager, Community & Public Relations
Prospera Credit Union
604-864-6630, enesci@prospera.ca

 

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