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News Now

CU System
Canada CUs merge combined membership 2.8 million
VANCOUVER, British Columbia and MISSISSAUGA, Ontario (7/7/08)--Credit Union Central of British Columbia and Credit Union Central of Ontario officially merged on Tuesday, with a combined membership of 2.8 million. The new credit union will be named Central 1 CU. Central 1 will provide services to 196 member credit unions in British Columbia and in Ontario. It will have more than $7.5 billion in assets (Marketwire July 2). Credit Union Central of British Columbia acquired the assets of Ontario Central. Central 1 shareholdings will reflect the proportion of member credit unions in each province. The merger proposal was announced on Oct. 6, 2006, based on a concept that other provincial credit unions would join to create a single entity. Canada is currently served by six provincial credit unions and a national trade association. “We continue to see this as a first step toward a national financial services organization for credit unions,” said Daniel A. Burns, Central 1 chairman.


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