Prospera Credit Union, headquartered in Abbotsford, and Westminster Savings Credit Union, based in Surrey, have been given approval for a proposed merger. (Google Street View)

Prospera and Westminster credit unions approved for proposed merger

Abbotsford- and Surrey-based companies now take matter to membership vote

Two long-standing credit unions have been given approval for a proposed merger.

Prospera Credit Union and Westminster Savings Credit Union were given regulatory consent Thursday by B.C.’s Financial Institutions Commission (FICOM).

The proposed merger – unanimously endorsed by the boards of both credit unions – will now be put to all members through an information campaign and voting process from Oct. 30 to Nov. 15.

If approved by the memberships, the merged entity will be known as Prospera Credit Union.

Each credit union requires at least two-thirds 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.

A members’ guide to the merger will be mailed to members in late September. The guide includes how and where to vote, merger benefits and risks, and where to find out more information.

Prospera and Westminster will donate $1 for each of 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 KidSport BC, Arts Umbrella and Special Olympics BC.

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.

Prospera’s head office is in Abbotsford, while Westminster’s is in Surrey.

RELATED: Prospera Credit Union in Abbotsford mentors woman from Mongolia

RELATED: Surrey Mayor’s Art Awards winners celebrated at Guildford hotel



newsroom@abbynews.com

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Honk if you’re in Harrison

Despite COVID-19 restrictions in place, flights flagrantly disregard the rules and are… Continue reading

Shades of gray in Teacup debate

Laurens Van Vliet of Agassiz has mixed thoughts about the exclusion application

B.C. firefighters only responding to most life-threatening calls during COVID-19 pandemic

The directive comes after province spoke with paramedics, fire services, according to top doctor

‘An extra $220 every 90 days’: B.C. patients pay more dispensing fees due to prescription limits

Kelowna woman says it’s outrageous to charge for refills every 30 days

COVID-19-appropriate Easter hunt to hop into Agassiz

Local bear hunt organizer creates Easter version

‘Better days will return’: Queen Elizabeth delivers message amid COVID-19 pandemic

The Queen said crisis reminds her of her first address during World War II in 1940

Emergency aid portal opens Monday, cash could be in bank accounts by end of week: Trudeau

Emergency benefit will provide $2,000 a month for those who have lost their income due to COVID-19

Education, not enforcement: B.C. bylaw officers keeping a watch on physical distancing

A kind word, it turns out, has usually been all people need to hear

COVID-19: Hospitals remain safe for childbirth, say Vancouver Island care providers

North Island Hospital has been asked to share its perinatal COVID-19 response plan

Insurance shock for B.C. condo owners

Claim-free two-year-old townhouse complex told premium will nearly triple

Canadian cadets to mark 103rd anniversary of Vimy Ridge April 9 virtually

Idea of Captain Billie Sheridan in Williams Lake, B.C. who wondered what to do in times of COVID-19

B.C. VIEWS: Pandemic shows need for adequate care home staffing

Seniors in B.C. care homes face challenging times

Most Read