Prospera and Westminster Savings receive FICOM regulatory consent for proposed merger to build a better credit union for members, employees and communities

Leading to a member vote, FutureStrong campaign will highlight more branches and opportunities for more affordable banking, better online and mobile services, and deeper community investment

Surrey and Abbotsford, British Columbia, September 19, 2019: The Boards of Directors of Prospera Credit Union (“Prospera”) and Westminster Savings Credit Union (“Westminster”) today announced that B.C.’s Financial Institutions Commission (“FICOM”) has provided regulatory consent for the proposed merger of their two long-standing credit unions.

FICOM regulatory consent marks another milestone for the proposed merger, which has been unanimously endorsed by both credit union Boards and is expected to deliver significant and sustainable benefits to members, employees and local communities. The proposed merger will now be put to all members through an information campaign and voting process from October 30, 2019 to November 15, 2019.

If approved by the memberships of both credit unions, the merged entity will be known as Prospera Credit Union. Key member benefits from the merger include an expanded branch footprint and the opportunity to provide new and enhanced products and services, more competitive rates and a better online and mobile banking experience. The merged credit union is expected to give employees access to more dynamic and fulfilling careers, better training and professional development opportunities, while communities can expect greater support and resources.

“We have explored the proposed merger in detail for over a year, and we are excited and energized by the merits of joining forces to create an organization and culture that is FutureStrong,” said Art Van Pelt, Chair of the Board of Directors, Westminster Savings Credit Union. “By bringing our organizations together, we are positioning ourselves to deliver all the benefits our members and employees are looking for – and more.”

“Our combined vision builds upon more than 75 years of experience as community-based, purpose-driven organizations,” added Eric Nadin, Chair of the Board of Directors, Prospera Credit Union. “We have a unique opportunity to do something very special together, to establish a sustainable business model that allows us to give back to our communities while offering personal service, value to members and interesting, rewarding careers for our employees. For now, and generations to come.”

The merged credit union will be Canada’s sixth largest, with $9.5 billion in assets under management, more than 120,000 members, 900 employees, and 29 branches. The merged credit union’s scale and resources will allow it to invest more over time in the technology, products and services that members and local businesses now demand and to compete effectively in today’s financial services marketplace. In addition, the merged credit union anticipates making more than $6 million in community investments in its first five years post-merger.

“As a team, we are approaching the proposed merger with passion, purpose and optimism,” said Diane Dou, President and CEO, Prospera. “Our two credit unions have complementary strengths, and our local focus, expert one-to-one financial advice and friendly, professional service will always remain at the heart of our business. We hope our members, employees and communities are as excited by the possibilities of a future together as we are.”

“Ours is a merger of like-minded organizations. We are both local credit unions, with similar purpose and values,” said Gavin Toy, President and CEO, Westminster Savings. “FICOM’s regulatory consent is a significant achievement, and I want to thank all Westminster and Prospera employees for their commitment and support as we move through this process together.”

A Member’s Guide to the merger between Prospera and Westminster will be mailed to members later in September. The Guide provides the information all members need to make an informed decision on the merger, including how and where to vote, merger benefits and risks, and where to find out more information. Members are also encouraged to visit FutureStrong.ca on September 27 for merger related information and updates.

Voting for members of both credits unions opens on October 30, 2019 and closes on November 15, 2019. Each credit union requires at least 2/3 of the votes cast by their members to be in favour for the merger to move forward. If the merger is approved, the credit unions expect to begin joint operations in January 2020.

In keeping with their commitment to communities, Prospera and Westminster will donate $1 for the first 10,000 ballots received during the special resolution voting period. Prospera will donate to the BC Children’s Hospital Foundation and Westminster will donate to their community partners (KidSport BC, Arts Umbrella and Special Olympics BC).


For more information, please contact:

To speak to a representative of Prospera Credit Union, contact Jessica Thiessen at 604 953 3757, email jthiessen@prospera.ca .

To speak to a representative of Westminster Savings, contact Jeff McDonald at 604 549 2566, cell 778 875 2574, email jmcdonald@wscu.com.



Prospera and Westminster Savings receive ficom consent to proceed to next steps of merger discussion