Alberta's two largest credit unions, Servus and ConnectFirst, coming together as Servus Credit Union | General financial discussion | Discussion forum

Same story, different companies...technology costs, regulatory pressures, intense competition from the major banks and fintechs as well as HISA ETFs and discount brokerages and forthcoming new real-time payments clearing system appear to be rapidly accelerating the drive to merge. In the biggest credit union merger to date, Servus Credit Union and ConnectFirst Credit Union, are proposing to come together as Servus Credit Union. There will likely be some branch consolidations in the Calgary market, where there is some modest overlap between the two institutions. Once that happens, Alberta looks set to become only the second province in Canada to have only a single credit union, as the remaining (less than ten) itty bitty credit unions are forced into a consolidation.

Cheers,
Doug