Three regional credit unions have begun talks that could see them merge into one in 2025.
The Osoyoos, Revelstoke and Summerland Credit Unions made the joint announcement on July 23 that they were entering talks about merging together.
The potential combined credit union would then have six locations, and serve about 16,350 shared members through communities from Osoyoos to Keremeos and up to Revelstoke.
The chairs of the three respective credit union boards all had statements in the press release talking about the merger's possibility for better service and more financial options.
Our successful collaborations in the past have created a solid foundation for us to lean into the future, where win/win/win is the goal,” said Lorrie Forde, the board chair of the Summerland Credit Union.
The announcement coincides with a memorandum of understanding that's been created between the credit unions ahead of more thorough discussions and assessments.
If the boards all agree that the merger is in the best interests of their members, employees and communities, the next step would involve seeking regulatory review and consent.
The merger would ultimately require voting in support from the members of Osoyoos Credit Union, Revelstoke Credit Union and Summerland Credit Union.
According to the shared press release, that vote is currently expected in early 2025.
If the merger is approved, the new combined credit union would have total assets under administration worth over $874 million.
