TORONTO and VANCOUVER — Members in Ontario and British Columbia are scheduled to vote June 22 on one of Canada's largest credit union mergers.
Credit Union Central of Ontario Limited and Credit Union Central of British Columbia, which are the equivalent of leagues in the United States, will have combined assets of more than $7.4 billion and represent more than 200 credit unions that serve 2.7 million members if the merger is approved. The transaction is expected to close in October 2007.
In anticipation of the June 22 vote this year, a new name has been selected for the combined financial institution–Central 1 Credit Union.
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Both centrals began merger negotiations since 2000. In October 2003, they called off the merger of their wholesale financial services businesses primarily due to provincial restrictions. The boards of the two centrals have approved a combination agreement that sets out the details of the merger of their two organizations.
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