Servus and connectFirst credit unions merged on May 1 making it the largest merger in Canadian credit union history.
Together connectFirst and Servus have more than 3,000 employees and serve about 500,000 members across 140 branches in 80 Alberta communities.
While both the Servus and connectFirst brand will remain in the market for now, the legal name for the combined credit union is Connect First and Servus Credit Union Ltd. (CFSCU).
The process of integrating the operations will take time and CFSCU will continue to operate with pre-merger systems in the meantime. Most member-facing activities will continue to operate largely as they have.
CFSCU will continue to serve all its 80 communities, including those in Central Alberta.
Employment for all staff, including those based in Central Alberta, will be continuous and uninterrupted through the amalgamation.
The organizations said the merger will enable the credit union to operate at the scale necessary to invest in new technologies and thrive for the long term while preserving the cooperative values and ways of banking that are important to members, employees and the communities the credit unions serve.
Prior to merging, Servus and connectFirst were two of the largest credit unions in Alberta.
Andrew Eberl, chair of the former connectFirst board of directors, said together they will create one of the largest and strongest credit unions in the country.
“The resounding approvals we received from voting members of both credit unions show how truly promising the benefits of this merger are," said Eberl, in a statement.
Ian Burns, CFSCU president and CEO, said moving through the merger process in a timely manner was important in the context of the rapidly evolving financial services landscape.
"With this merger, we have achieved something truly momentous. I can’t say enough how excited I am to begin implementing the changes that will bring enormous benefits to our members, our employees, and the communities we serve," said Burns, who previously served as president and CEO of Servus.
“By joining forces, we are combining our resources, expertise and passion for serving our members to create an even more impactful credit union that is deeply focused on creating a brighter financial future for members, employees, and the entire province of Alberta," said Perry Dooley, chair of Servus’s former board of directors.
Servus Credit Union has operated for over 80 years and has more than 100 branches in 61 communities in Alberta.