Three Credit Unions in Canada Plan To Merge by July
Three credit unions – Affinity Credit Union, Advantage Credit Union and Spectra Credit Union – from the prairie province of Saskatchewan in Canada said they are proposing to merge by July.
The merged credit union would operate under the name Affinity Credit Union, already one of the 10 largest credit unions in Canada.
“We are a good match in all respects,” said Scott Flavel, board president of the $2.9 billion Affinity CU. “We each have a strong commitment to enhancing service for members and look forward to combining the expertise, knowledge and experience of our teams of staff, which is our most valuable resource in meeting that need.”
Headquartered in Saskatoon, Affinity CU operates 40 branches and serves more than 99,000 members. The $935 million Spectra CU in Estevan said it serves over 22,000 members and non-members with branches in 10 communities. The $571 million Advantage CU in Melfort serves more than 20,000 members and clients and operates a branch network in 17 communities.
“This merger provides for growth and further diversification in both the rural and urban markets. It will also provide additional resources in serving our members,” said Wayne Amos, president/CEO of Spectra CU.
“We are excited about the possibilities to enhance our business and to better serve our members,” added Milton Kerpan, president of Advantage CU board of directors. “We also look forward to continuing a strong grass roots connection to our communities and a commitment to traditional credit union values.”
Should all three credit unions receive member approval, the merged credit union would manage $4.5 billion in assets and serve more than 140,000 members from 76 branches in 68 communities across Saskatchewan.
A vote by Affinity CU members will be held on April 3 followed by Advantage CU members on April 4 and Spectra CU members on April 8, the credit unions said.