VANCOUVER, B.C.- Two of the largest employee-based credit unions here -Van Tel CU and Vancouver Safeway Employees Credit Union-are discussing a possible merger. According to Vancouver Safeway CEO Bob Luxford, since the branches of the credit unions complement each other, members will enjoy better delivery options and a wider range of products and services. With $165 million in assets, Van Tel CU serves 10,500 Telus employees and Vancouver Safeway has $75 million in assets and serves 8,500 Canada Safeway Ltd. members. Members are supposed to be presented the formal merger proposal this fall. According to the Vancouver Sun, Canadian credit unions have had a recent run on mergers such as First Heritage Savings CU and Delta CU; Nanamo CU and Parksville CU; and Richmond Savings, Pacific Coast CU forming Coast Capital Savings. This fall, Interior Savings of Kelowa and Thompson Valley CU members will be voting on a proposed merger.
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