June 23. 2021: The Directors and Leadership of all credit unions involved in the Elevatus project end merger process.

OUR JOURNEY REVEALED STRENGTH AND UNITY AMONG SIX LIKE-MINDED CREDIT UNIONS.

A few years ago, the teams from six credit unions gathered together to explore strength and unity as one regional credit union. We discovered common ground and shared purpose. We then began the deliberate and detailed merger process.

Very recently, we reached a point in the merger work where it became clear that the process itself was about to increase in cost to the extent that the merger did not make financial sense. While very disappointing, we chose to withdraw our merger application because it was no longer in the interests of our members.

The entire team wants to thank everyone involved for their hard work on this initiative. And we want to ensure every member that our shared purpose, championing local, community-based financial services, remains unwavering.

We all have great work to do in our communities for our members and employees right now. That will be the focus going forward.

Frequently Asked Questions from Our Members

There are questions that will arise from recent news and decisions regarding the Elevatus merger initiative. Here are a few of the questions we anticipate and the answers we hope will meet your needs.
A: Each credit union continues to be committed to its members, employees, community and financial viability. Individual credit unions will take the time necessary to develop plans and strategies to meet ongoing member needs that work best for them based on those same four pillars: Members, employees, community and financial viability.


A: Merging six credit unions at once has never been attempted in British Columbia before. There are a lot of moving parts and thousands of members and employees to consider.


A: All costs were shared by each of the six credit unions and were in line with the scope of the opportunity - the formation of a $3 Billion regional credit union. The working partnership that has formed and that will continue is the return on investment of this project.


A: The six individual credit unions will take a pause, focus on the immediate needs of members and employees, and leverage what they have gained from the Elevatus process. Where that leads each of them strategically will be up to the member-elected Boards and leadership of each credit union.


A: We believe we were successful. All six credit unions are in a better strategic position than they were when the process started. We remain united in purpose and we will continue to collaborate as partners. The goal remains consistent: champion local, community-based financial services and pursue opportunities for our members and employees. There are other strategies to reach that goal.

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