Credit unions seek further amalgamation in S. Alberta
By Collin Gallant on April 28, 2018.
Medicine Hat News Credit unions in southern Alberta, including one founded in Brooks with a location in Medicine Hat, are proposing further amalgamation. Brooks-based Chinook Financial, First Calgary Financial and Legacy Financial have operated in tandem since in 2014 under the banner of Connect First Credit Union. On Friday, the board of directors announced they fully support a business case to amalgamate with central Alberta credit union Mountain View Credit Union, centred in Olds. That entity consists of 13 branch locations, employing 125 people, and serving 17,000 members. They would bring $852 million in assets to the combination, pushing the cumulative total of the four co-operative entities involved to $5.4 billion. The resulting company would be the 10th largest credit union in Canada, with 120,000 members, 46 locations and 700 staff members. Connect First Board Chair Andrew Eberl stated in a release that potential benefits to members include better products and technological service, higher dividends and more locations extending into central Alberta. A vote for members under Connect first credit unions, including Chinook, will take place on June 6 at the TELUS Spark centre in Calgary. Chinook opened its Medicine Hat branch in late 2016 to handle personal, business and agricultural lending. Day-to-day banking services are not yet available. 10-9
