Two longtime credit unions merging into one

The members of Cumberland and District Credit Union voted yes Aug. 22 to a merger with First Credit Union.

The members of Cumberland and District Credit Union voted yes Aug. 22 to a merger with First Credit Union.

The merger takes effect Sept. 1.

Dave Craigen, president and chief executive officer of First Credit Union, is excited to welcome Cumberland and District members to the First Credit Union. “We’d like to thank Cumberland and District members for voting yes; we are very excited that they are joining our organization.”

Craigen explained that other than a name change, members won’t notice any immediate changes to their accounts.

“Cumberland staff will continue to offer the great service and products they always have; members won’t notice any changes to their accounts this year, but there are some exciting new services and products for members coming soon.”

The merger will occur by way of an asset purchase with First Credit Union being the acquiring credit union. The combined organization will have four credit union branches, six insurance branches, approximately $225 million in credit union assets, $100 million in wealth management assets, over 10,000 members, and over 140 employees, all operating under the First Credit Union name.

Both credit unions have a long and proud history of serving their communities and membership. The merger will enable both organizations to expand geographically, improve economies of scale, and harness the financial strength of a larger asset base.  It would also expand career opportunities for both Cumberland and District Credit Union and First Credit Union employees.

For the past 61 years, since its inception on Feb. 11, 1951, Cumberland and District Credit Union has served as a local financial institution offering a full range of products and services. CDCU has grown to over $24 million in assets, serving over 1,900 members, and has eight employees.

First Credit Union is the longest-running credit union in B.C., originating as Powell River Credit Union in 1939. With over $200 million in credit union assets, $100 million in wealth management assets, three credit union branches, six insurance branches, 8,500 plus members, 30,000 plus insurance clients, and over 140 employees, First Credit Union proudly serves six vibrant coastal communities.

— First Credit Union