Merger Approved with Overwhelming Member Support
At a special meeting of members on November 23, 2021, Spruce Credit Union members voted 99% in favour of merging with Interior Savings Credit Union.
The merger, which will come into effect on January 1, 2022, will combine 150 years of experience to create a stronger credit union with the resources and scale needed to better serve members within an increasingly competitive landscape.
“By bringing our two well-established and values-based credit unions together, we can provide better products, services and rates to members, greater opportunity for employees, and increased investment our community,” said Ken Dickson, CEO of Spruce Credit Union. “I’m particularly excited about the new Legacy Community Fund which will see $750,000 invested in Prince George community initiatives within the next two to three years.”
The combined credit union will operate as Interior Savings Credit Union and will provide a network of 23 branches and 16 insurance locations to 77,000 members from Prince George to communities across the Thompson Okanagan. Combined total assets under administration will be approximately $3.75 billion.
Noting our common values and shared commitment to preserving the human connection in banking, merger talks between our two credit unions began in 2019. With approval from both boards of directors, a business case was filed earlier this year with BC’s Financial Services Authority (BCFSA). In September, BCFSA gave consent to take the proposal to a member vote.
According to Kathy Conway, CEO of Interior Savings, “We are thrilled that Spruce members have voted in favour of this merger. We look forward to becoming a part of the beautiful and vibrant community of Prince George and to welcoming Spruce employees to our team as we work together to take all that is great about our credit unions and make it even better.”
While integration planning is underway, members will notice very few immediate changes to their banking. Spruce members can continue to bank as they normally would. As our credit unions work to integrate operations, we will keep members informed and work to minimize disruption as much as possible.