NANAIMO – Coastal Community Credit Union has signed a Memorandum of Understanding with Integris Credit Union to explore a potential merger.
Both institutions were founded in 1946. Coastal Community, which has 24 branches across Vancouver Island, from Port Hardy to Victoria and from the West Coast to the Discovery Islands, has $3.4 billion in on-book credit union assets. It also has $1.2 billion in assets under management through partners, including $1.1 billion under management through their Aviso Wealth partner, and CCCU subsidiary, Coastal Community Private Wealth Group, in partnership with Manulife Financial, which holds $57.4 million.
Based in Prince George, Integris has 9 offices in north central B.C., including in Fort St. James, Vanderhoof, Quesnel, Clinton, Fraser Lake and McBride. It has $1.3 billion in total assets under administration, including $900 million in on-book credit union assets and $400 million in assets through their partner Aviso Wealth.
“In the spirit of the credit union movement, we are very happy to be working with Integris to create a stronger credit union that is better able to serve the needs of Vancouver Island, the Gulf and Discovery Islands and north-central BC,” says Coastal Community Board of Directors Chair Dominique Roelants. “We have both done that well in our respective regions for close to 80 years and together, we believe we can do it even better.”
A press release issued by Coastal Community Credit Union states: “It is believed that combining the strengths, resources and talented employees of the two credit unions will empower the credit unions to expand their capabilities, directly benefiting members and clients by enhancing services and maintaining the strong local presence and personalized attention to the communities the credit unions each have today.”
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