(December 13 – 11:00 ET) – United Civic Savings Credit Union and Burnaby Savings Credit Union say they have begun discussions that could lead to a merger.

“We are just beginning the process but we look forward to successful discussions between our two credit unions that have a history of working together for the mutual benefit of our members,” said Ed MacIntosh, chairman of United Civic Savings Credit Union.

“Clearly it is important to our members that we remain committed to providing personal service so we were excited by the fact that we both share common values and a member first philosophy,” added Christine Dacre, chair of Burnaby Savings Credit Union.

“The combined branch network is a great combination to better serve our combined membership with two branches in Vancouver, two branches in Burnaby, a branch in New Westminster as well as one in Surrey,” said United Civic Savings Credit Union CEO, Don Deptuck.

Subject to regulatory concurrence, a formal proposal would be presented to the credit union’s membership in the spring of 2001.

The newly merged credit union would have over $228 million in assets with a combined membership of approximately 13,000 members, over 60 employees and 6 branches.

United Civic Savings Credit Union has approximately $177 million in assets with over 9,200 members, and Burnaby Savings Credit Union has in excess of $51 million in assets with more than 3,800 members.
-IE Staff