(September 8 – 16:20 ET) – The federal Competition Bureau has approved the acquisition of 13 Bank of Montreal branches by B.C. credit unions. The transaction was announced on August 10 by Bank of Montreal and Credit Union Central of British Columbia.

Credit unions will acquire BMO branches in Agassiz, Ashcroft, Creston, Golden, Grand Forks, Hope, Kaslo, Kimberley, Merritt, Pender Harbour, Rossland, Sicamous and Smithers. In each case, the bank branch is being purchased by a credit union already operating in the same community.

“Now that the Competition Bureau has approved the deal, preparations for the transfer of business will shift into high gear,” said Wayne Nygren, president and CEO of Credit Union Central of B.C.

To ensure a smooth transition throughout the province, transfers will be staggered between September 22 and November 3.

Under the deal, current Bank of Montreal customers will become credit union members, and staff are being offered jobs by the local credit union buying their branch. The overall agreement involves about 27,000 customer households, 67 employees and some $560 million in deposits and loans.

Earlier this year, Bank of Montreal sold 51 branches to credit unions in Alberta, Saskatchewan and Manitoba.
-IE Staff