Two Kootenay credit unions enter merger talks

Columbia Valley and Kootenay Savings Credit Unions explore regional merger

— Image courtesy Kootenay Savings Credit Union & Columbia Valley Credit Union

Two locally focused, member-driven credit unions have announced the launch of formal  discussions to explore the potential benefits of merging their organizations to better serve  members, employees, and communities across their regions.

The Boards of Directors of Columbia Valley Credit Union and Kootenay Savings Credit  Union are pleased to share that they have entered into a Memorandum of Understanding to  examine the opportunity to come together. This step reflects their shared commitment to  building long-term value and sustainability for members, employees, and the communities  they serve.

Promising potential

If approved, the proposed merger would create a stronger, more resilient credit union with  expanded reach across the Columbia Valley and East and West Kootenay regions. The combined organization would operate 12 branches, a Member Service Centre, serve close  to 40,000 members, and manage close to $2 billion in assets under administration.

“This exploration is rooted in our values and commitment to putting members first,” said  Glen Ewan, Board Chair of Columbia Valley Credit Union. “We believe that by working  together with Kootenay Savings, we can build a stronger credit union that continues to  support our communities and delivers enhanced services and financial advice to our  members for years to come.”

Mike Konkin, Board Chair of Kootenay Savings Credit Union, added: “Kootenay Savings has  a proud history of cooperative strength and service. These discussions reflect a proactive  step forward to ensure our continued ability to invest in innovation, enhance employee  opportunities, and meet the evolving needs of our members across the region.”

Improving for the benefit of all

The joint review will focus on identifying benefits such as improved service delivery,  enhanced technology platforms, operational efficiencies, increased capacity to invest in communities, and stronger career development pathways for employees.

At this early stage, both credit unions are now engaging in detailed due diligence and  dialogue. Should the findings support proceeding, the next phases would include  regulatory applications and ultimately, a member vote anticipated in Fall 2025.

Throughout this process, members of both credit unions will be kept informed through  regular updates and upcoming engagement sessions.