Two credit unions with GF in their name are talking about merging.
The boards of the Grand Forks Credit Union and Gulf and Fraser Fishermen’s Credit Union (G&F Financial Group) are in negotiations to team up.
Although they serve members in different parts of the province, they say their plan to come together will provide greater access for members of both institutions.
“We’ve been looking for the right partner for a number of years now,” Bill Wilby, the vice-chair of the Grand Forks Credit Union said in a news release. “Scale matched with a credit union that truly understands the importance of community was key in selecting G&F.”
“The board of GFCU is confident that with this merger, our members, employees and our community will gain a credit union with strong future potential,” Wilby said.
The credit unions say that while a memorandum of understanding is in place, they are in the very early stages of discussions and have many steps in the process, including regulatory consent and approval from their memberships.
“We’re honoured to have been selected by GFCU board and management as their preferred merger
partner,” says Floyd Yamamoto, president and board chair of G&F Financial Group. “By leveraging our collective strengths, we look forward to providing greater opportunities for our combined employees, members and communities.”
If approved, the combined organization would operate under the legal name Gulf and Fraser Fishermen’s Credit Union, doing business as G&F Financial Group.
G&F spans 28 branches across the Lower Mainland and Fraser Valley, while Grand Forks has a single branch. The combined institution would have a membership of about 70,000 and total assets of $5.3 billion.
Grand Forks Credit Union was previously one of seven credit unions in the Kootenay-Boundary that looked at joining forces but that merger was called off last year.