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

Just Posted

Vancouver police officer from Surrey charged with sexual assault

Jagraj Roger Berar, 51, of Surrey, charged in incident alleged to have happened in Whistler

Surrey MLA says EHT tax causing police funding cuts

Marvin Hunt says Employer Health Tax is ‘hammering’ schools, hospitals, law enforcement

VIDEO: Surrey mayor decries ‘alarming frequency’ of ‘mob violence’ after another brawl

Surrey RCMP urge the public to come forward with information about those involved

Help Delta Heritage Society learn more about items in its collection

DHS is reviewing its collection to prepare for the opening of the new Delta Cultural Centre

Morello memories: Surrey musician’s story about autographed guitar is all the Rage

Johnny Peralta’s hand-crafted instrument helped get him into a sold-out concert

VIDEO: Disney Plus adds disclaimer about racist stereotypes

Disney’s disclaimer is a good way to begin discussion about the larger issue of racism

CN Rail confirms job cuts as weakening economy cuts into freight volumes

Railroad also said it was affected by a slowdown in the B.C.’s forestry sector

Port Alberni mom takes school district to court over Indigenous smudging, prayer in class

Candice Servatius, who is an evangelical Christian, is suing School District 70

New case of vaping-related illness in Quebec brings national total to 8

Quebec health minister considering tightening the rules around vaping products

Greens to vote against Liberal throne speech unless carbon targets toughened: May

Green leader Elizabeth May and Prime Minister Justin Trudeau met Friday, discussing common ground

Toxic smell returns to Abbotsford elementary school raising health concerns for students, teachers and parents

King Traditional Elementary suffers daily from neighbouring waste-storage facility’s stench

First Nations ‘optimistic’ about road upgrades after Horgan visits site of fatal bus crash

Premier travelled Bamfield Main road, where bus flipped last September and two students were killed

Delays seen on some Metro Vancouver bus routes as transit strike ramps up

According to TransLink, routes in downtown Vancouver are bearing the brunt of the delays

Princeton couple pays for dream vacation with 840,000 grocery store points

It’s easy if you know what you are doing, they say

Most Read