Moun­tain View Credit Union and Con­nect First Credit Union an­nounce plans to pur­sue amal­ga­ma­tion

The Drumheller Mail - - AROUND TOWN - Sub­mit­ted The Drumheller Mail

Two of Al­berta’s largest credit unions have an­nounced plans to ex­plore a busi­ness case to amal­ga­mate and form a re­gion­ally fo­cused credit union.

“Our Boards have de­ter­mined there is po­ten­tial for an amal­ga­ma­tion of our two credit unions to pro­vide greater value for our mem­bers than re­main­ing in­de­pen­dent”, said Moun­tain View Board Chair Richard An­der­son. “The ben­e­fits to our mem­bers in­clude more com­pet­i­tive prod­ucts and ser­vices, en­hanced tech­nol­ogy of­fer­ing and more lo­ca­tions to do their busi­ness across South and Cen­tral Al­berta.”

“Our two credit unions have been strength­en­ing com­mu­ni­ties across south and cen­tral Al­berta for al­most 80 years,” said Con­nect First Board Chair An­drew Eberl. “We’re a good fit as we share a fo­cus on lo­cal mem­ber ser­vice, em­ployee en­gage­ment, co­op­er­a­tive val­ues, sus­tain­abil­ity”.

Con­nect First Credit Union launched the first re­gion­ally fo­cused credit union in Al­berta in 2015 through the amal­ga­ma­tion of Chi­nook Fi­nan­cial and First Cal­gary Fi­nan­cial.

Since then, the credit union has posted record earn­ings, in­creased its tech­nol­ogy of­fer­ing and profit shar­ing with mem­bers, and ex­panded its re­gional model through its most re­cent amal­ga­ma­tion with Legacy Sav­ings.

The two credit unions jointly rep­re­sent more than 120,000 mem­bers and over 700 em­ploy­ees in 44 dif­fer­ent lo­ca­tions across Cen­tral and South­ern Al­berta. With ap­prox­i­mately $6.7 bil­lion in as­sets un­der man­age­ment, the amal­ga­mated credit union would be Canada’s 7th largest credit union.

The amal­ga­mated credit union will op­er­ate un­der the le­gal name of Con­nect First Credit Union Ltd, with four mem­ber fac­ing brands: Chi­nook Fi­nan­cial, First Cal­gary Fi­nan­cial, Legacy Fi­nan­cial and Moun­tain View Fi­nan­cial.

About Moun­tain View Credit Union – Moun­tain View Credit com­mu­nity par­tic­i­pa­tion and long-term Union op­er­ates 13 branches in Cen­tral Al­berta and has as­sets un­der ad­min­is­tra­tion of $852 mil­lion.

Moun­tain View is head­quar­tered in Olds and em­ploys 125 peo­ple. The credit union has grown from hum­ble be­gin­nings in Cre­mona in 1943, to de­liv­er­ing a full range of prod­ucts and ad­vi­sory ser­vices to more than 17,500 mem­bers to­day. As a mem­berowned or­ga­ni­za­tion, prof­its are shared with the mem­bers. Since 1988, the credit union has paid more than $23 mil­lion in profit shar­ing.

About Con­nect First Credit Union – Con­nect First Credit Union of­fers its mem­bers a full range of fi­nan­cial prod­ucts and ser­vices through trusted lo­cal brands and a com­mu­nity fo­cused ap­proach to bank­ing.

We are proud to em­ploy over 600 Al­ber­tans. Con­nect First is Canada’s 10th largest credit union, with over $5.8 bil­lion in as­sets un­der ad­min­is­tra­tion.

It serves 104,000 mem­bers through 29 lo­ca­tions in 14 com­mu­ni­ties across south­ern Al­berta, un­der the brands: First Cal­gary Fi­nan­cial, Chi­nook Fi­nan­cial and Legacy Fi­nan­cial.

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