Members gave a resounding “yes” in favour of the amalgamation of Chinook Credit Union and First Calgary Financial.
At special general meetings held earlier this week, Chinook Credit Union and First Calgary Financial members voted yes to the amalgamation that will see the two credit unions join operations into a new regionally-focused credit union.
First Calgary Financial members voted on September 8, receiving 95% (280 votes) in favour of amalgamating and 5% (14 votes) not in favour. Chinook Credit Union members voted on September 10, receiving 88% (166 votes) in favour of amalgamating and 12% (21 votes) not in favour. The combined result was 91.5% in favour of amalgamating – which exceeded the two-thirds majority vote requirement.
Pending regulatory approval, the two organizations will operate as divisions of Connect First Credit Union effective November 1, 2014, serving 100,000 members across 27 branches in 14 communities across Southern Alberta.
“We’re thrilled with the overwhelming mandate given to us by our members,” says Ron Gibson, board chair of First Calgary Financial. “We’re excited about the possibilities to enhance our business and better serve our members.”
“Both Chinook Credit Union and First Calgary Financial have a strong commitment to our communities where our employees and members live and work. We look forward to combining the expertise, local knowledge and experience of our teams to become even better for our members,” says board chair of Chinook Credit Union, Andrew Eberl.
