Westminster Savings Credit Union and Prospera Credit Union Mutually Agree to Cease Merger Discussions

New Westminster, BC, January 28, 2015 - After careful consideration, the boards of directors of Westminster Savings Credit Union and Prospera Credit Union have mutually agreed to cease merger discussions effective immediately.

Since announcing they had entered merger discussions in September 2014, both credit unions have been carrying out due diligence to help determine whether the proposed merger was in the best interests of their members, employees and communities. The due diligence process involved an in-depth analysis of the benefits, risks and costs of bringing the two credit unions together.

"Given the challenges we continue to face in our operating environment and the costs required to bring our two credit unions together, the boards of both credit unions believe it is in the best interests of our members and employees to pursue independent business strategies at this point in time," said Bill Brown, Board Chair, Westminster Savings Credit Union.

"This has been a very difficult decision for us to reach, and we sincerely thank our management teams and all employees for their work and extraordinary efforts involved over the past few months," said Angela Kaiser, Board Chair, Prospera Credit Union.

About Westminster Savings Credit Union

Established 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 and Public Relations
Prospera Credit Union
604-864-6630, enesci@prospera.ca

 

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