VANCOUVER — Nearly two years in the making, Credit Union Central of British Columbia and Credit Union Central of Ontario merged on July 1 to create the $7.5 billion Credit Union 1.
Central 1 will provide liquidity management, payments, Internet and trade association services to 196 member credit unions with a combined 2.8 million members in British Columbia and Ontario while also serving corporate customers with financial and transaction services. The new credit union has 475 employees–350 in Vancouver and 125 in Mississauga, Ontario.
Don Rolfe, who served as president/CEO of B.C. Central, will retain both positions with Central 1. The credit union has a 16-member board of directors, with 11 drawn from British Columbia credit unions and five from Ontario credit unions.
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The centrals had originally expected to close the merger by Oct. 1, 2007, but the transaction was twice delayed because of difficulties in valuing the relative holdings
of non-bank asset-backed commercial paper held by each organization, according to the credit union. Central 1 said it is moving forward with an "immaterial amount" of ABCP on its books.
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