connectFirst Credit Union and Servus Credit Union Members Approve Merger
EDMONTON, Alberta, Nov. 10, 2023 (GLOBE NEWSWIRE) — Members of connectFirst and Servus have approved the proposed merger of their two credit unions. At connectFirst Credit Union’s Special General Meeting, held on November 9, 2023, members voted 85% in favour of the merger. This follows Servus Credit Union’s Special General Meeting, held on September 19, 2023, where more than 84% of members who cast votes approved the merger.
Together, connectFirst and Servus plan to unite more than 3,000 employees and serve approximately 500,000 members across 140 branches in 80 Alberta communities.
“Today marks a pivotal moment in our journey to become a stronger financial institution with improved capabilities to invest in member services, our employees’ training and careers, and our Albertan communities,” said Ian Burns, President and CEO, Servus. “With today’s member endorsement, we look forward to providing our stakeholders with more heart and more smart, and a future that is Greater Together.”
Don Coulter, CEO, connectFirst said, “This positive member vote reflects a shared vision that prioritizes cooperative values, financial strength and long-term growth. By bringing together the best of both connectFirst and Servus, we’re excited for all we can achieve for our members, employees and communities.”
connectFirst and Servus will continue to operate independently pending the completion of the regulatory process. The connectFirst and Servus boards of directors intend to appoint Mr. Burns as the President and CEO of the merged credit union, if the merger is fully approved.
The credit union member votes were the culmination of a comprehensive communications campaign through in-branch, online, social, digital, paid, email and direct mail channels as well as 33 open houses to inform and engage members regarding the merger and its intended benefits.
Subject to regulatory approval, the merger will enable the credit unions to operate at the scale necessary to invest in new technologies and thrive for the long term while preserving the cooperative values and ways of banking that are so important to members, employees and the communities the credit unions serve. The merger campaign, known as Greater Together, followed a period of thorough due diligence which led both Boards to unanimously support the merger.
For more information on the merger, please visit greatertogether.info.
About Servus Credit Union Ltd.
Servus Credit Union has served Albertans for over 80 years with a full line of secure financial services. The financial institution has more than 100 branches in 59 communities throughout the province as well as options for online, mobile and telephone banking. Servus’s noble purpose is to help members reimagine their financial fitness so that they feel good about their money. For more information about Servus, call 1.877.378.8728 or visit servus.ca.
About connectFirst Credit Union
connectFirst Credit Union, one of the largest and most successful credit unions in Canada, is a full-service financial institution with over $7 billion in assets under administration. connectFirst employs 750 Albertans who provide a wide range of financial products and advice in more than 40 communities across central and southern Alberta. It serves over 125,000 members through a community-focused approach to banking.
MEDIA CONTACTS
Servus Credit Union
[email protected]
(825) 402-0740
connectFirst Credit Union
Beth Kerr
Manager, Brand and Communications
[email protected]
(403) 736-4217
