Integris and Coastal Community Unite to Create Major BC Credit Union

Members of Integris Credit Union have overwhelmingly voted in favor of merging with Coastal Community Credit Union, a decision that finalizes a year-long process. The merger is set to take effect on January 1, 2024, following a memorandum of understanding established in March and approval from the BC Financial Services Authority in September. This union will create the largest credit union in British Columbia, serving over 110,000 members across the province.

Details of the Merger

In a statement, Kent Jesse, president and CEO of Coastal Community, expressed enthusiasm about the merger. He noted that although the two organizations will operate under one credit union, both brands will continue to exist. “We’re excited to welcome the Integris members, staff and communities to the Coastal Community family,” Jesse stated. He emphasized that while Integris will maintain its identity, Coastal Community members will still enjoy services under the Coastal Community brand.

Integris operates two branches in Prince George, located at Fifth Avenue and Central Street, and at the Riverpoint shopping complex on Ferry Avenue and Highway 97. In contrast, Coastal Community is based in Nanaimo and does not currently have a presence in Prince George. The new merged entity will employ approximately 800 individuals, operate 32 branches, and manage around $5.6 billion in assets.

Impact and Future Plans

Leaders from both credit unions anticipate that this merger will enhance their ability to provide community-focused financial services and broaden their offerings to members. Dominique Roelants, board chair of Coastal Community, noted that the successful vote reflects support for a unified, values-driven organization that will deliver greater benefits. “The successful vote to bring Integris and Coastal Community together demonstrates support for a stronger, values-driven credit union with even greater benefits for members,” Roelants stated.

Alexandra Goseltine, board chair of Integris, echoed this sentiment, recognizing the extensive efforts that have led to this outcome. “After a very busy year working diligently on the merger, it is exciting to have member support on the separate and special resolutions,” she remarked. Goseltine expressed gratitude towards the members for endorsing the board’s vision and acknowledged the board’s significant role in guiding the merger process.

CEO Alison Hoskins of Integris highlighted the milestone achieved with the member vote, marking the transition from initial discussions to the finalized merger. “It has been an incredible journey to go from early discussions and the MOU signing, to finalizing the merger with the Integris member vote,” she stated.

The next steps will involve creating a detailed strategic and operational plan to ensure a smooth integration of systems and services. In the interim, both credit unions will continue to operate independently, with a commitment to minimizing disruptions for their members. Updates regarding the merger process will be available through DoingMoreTogether.ca, as well as the respective websites and communication channels of each credit union.