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Email this9:49 am
January 12, 2019
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This just in from my neck o' the woods ... Columbia Valley CU merges with much larger Kootenay Savings CU . . .
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A continuation of the CU Consolidation Trend that is ongoing across Canada.
- Dean
" Live Long, Healthy ... And Prosper! "
1:37 pm
October 27, 2013
Online
Progress continues for Category 4 CUs to see the light and join a more viable Category 2 entity.
5:48 pm
October 27, 2013
Online
I can no longer edit my prior post, and apologies from continuing to be BC centric, but I also see from some Googling that Osoyoos, Summerland and Revelstoke finally saw the light as well and combined into a new entity called Cascadia CU. I suspect there is critical mass, at least for now, for financial institutions with Category 3 ($1-5B in AUM) size.
I think it is a good thing to have some brick and mortar CU competition to the big banks.
8:22 pm
September 28, 2023
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Agreed, I think any credit union with less than 10 branches, 25000 members, and/or under $1 billion assets is just too small to be viable, and if they aren't already in merger talks, they should be. The customer touchpoints are shifting from teller service to online banking & ABMs, and both of those need scale to compete with bigger CUs, the big 5, and the online banks a lot of us use.
The unfortunate part about it all, is the bigger a CU gets, the more compelling it is for them to shut down the branches in the little towns, often where they are the only FI still existing. But I guess it is a sign of the times, I wish they could at least leave an ABM in a gas station or grocery store when it becomes unviable for them to cover the wages and overhead of a physical branch.
4:41 pm
January 12, 2019
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A few years back in this same area (S.E. BC) there was an attempt to join 5 CUs together, all at once. The effort Failed ... it was just too big of a Bite, at the time.
It's a slow process, but now those same CUs are slowly joining together, two at a time. And other CUs in the greater area are now considering doing the same.
- Dean
" Live Long, Healthy ... And Prosper! "
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