(November 10 – 15:45 ET) – The British Columbia Financial Institutions Commission has approved a merger agreement for the amalgamation of Richmond Savings and Pacific Coast Savings. Richmond and Pacific Coast are, respectively, Canada’s third and fourth largest credit unions.

“We are very pleased to advise our members that the Financial Institutions Commission has completed its review of our amalgamation agreement and business plan,” said Bill Wellburn, board chairman of Pacific Coast Savings and Terry McPhail, chairman of Richmond Savings, in a joint statement.

Members of the two credit unions still have to cast their votes for the merger. Voting for members of Pacific Coast Savings will take place November 28 to December 7. For members of Richmond Savings voting will be from November 28 to December 6.

The boards of the two credit unions have voted unanimously in favour of the proposed merger. If approved by the respective membership of each credit union, the merger would come into effect on Dec. 31, 2000.

A new board would be established comprised of the elected directors from both Credit Unions.
-IE Staff