Local credit union may join Calgary-based one
Wednesday, Feb 07, 2018 04:30 pm
Mountain View Credit Union (MVCU) may soon merge with Calgary-based Connect First Credit Union (CFCU) to create what both organizations call “a regionally focused” credit union that would be the seventh largest in the country.
If the merger does happen, the 125 employees currently working for MVCU won’t lose their jobs, but their roles may change, according to Tracy Kelly, MVCU vice-president of marketing.
The proposed amalgamation was announced Wednesday, Feb. 8.
A news release noted boards for MVCU and CFCU are still just exploring the advantages and disadvantages of uniting.
Kelly said in order for the merger to go ahead, the boards of directors for both organizations would have to vote in favour of the plan. So would their respective memberships. The vote in Olds is set to take place June 7 in the Pomeroy Inn & Suites. The Connect First vote will be held June 6.
If the merger does occur, tentative plans call for the new entity to be known as Connect First Credit Union Ltd.
Kelly said it would be headquartered in Calgary. Olds would be a regional centre. Currently Olds is the headquarters for MVCU.