Three southern Interior credit unions set to merge

Three credit unions in the Okanagan are set to merge after getting approval from the provincial government.

The Osoyoos Credit Union, Revelstoke Credit Union and Summerland Credit Union have received approval from the BC Financial Services Authority to merge into one credit union, according to a press release issued April 24.

“We believe that merging will strengthen our ability to serve and support our members at every stage of life,” the board chair of Revelstoke Credit Union Alan Chell said in the release. “By bringing our combined resources and expertise to the table, we’re confident that we can meet the challenges of today and seize the opportunities of tomorrow.”

Credit unions are nonprofit cooperative financial institutions where members can borrow from a pool of money at a low interest rate, as well as get insurance and investment services. Since the unions are controlled by the members the merger has to be approved by a vote.

The credit unions have been around for more than 70 years. Osoyoos Credit Union was established in 1946, Revelstoke Credit Union in 1953 and the Summerland Credit Union in 1944.

“Our focus has always been on people. By coming together, we’re building a stronger foundation — one that empowers our members, strengthens our communities, and sets us up for long-term success,” Summerland Credit Union board chair Lorrie Forde said in the release. 

Revelstoke Credit Union has more than 4,500 members, Osoyoos Credit Union has roughly 4,000 members and Summerland Credit Union has approximately 7,200 members.

The credit unions have been discussing a merger since July 2024 when all three unions had a total of $873 million in assets.

“Our members are at the heart of everything we do, and the decision to merge is no different,” Osoyoos Credit Union board chair Diana Thomas said in the release. “We’re seeking our members’ support and ask that they vote in favour of the proposed merger between Osoyoos Credit Union, Revelstoke Credit Union, and Summerland Credit Union.”

Members can vote on the merger anytime between May 26 and June 2.

There are open houses at the branches, in-person and online information sessions, as well as a website for members to find out more.