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Milestone Reached on Proposed Merger with Interior Savings Credit Union

Spruce Credit Union has proudly served members in Prince George and surrounding communities for over 70 years. Throughout our history, we have worked to preserve the human connection in banking, supporting members through hardship, empowering them to reach their goals and working collectively to help our community thrive. 

As we look forward, we recognize that to remain strong and well-positioned to meet the evolving needs of our members, we will need to make substantial investments in technology, infrastructure, and our employees.

Earlier this year, noting a strong alignment of values, we began discussions with Interior Savings Credit Union about the possibility of joining forces to approach these challenges together. Then in June, the Board of Directors of both our Credit Unions voted unanimously in favour of a merger for the benefits it will bring to the members, employees and communities of each credit union.  And now, after reviewing the business case for the potential merger, we’re pleased to announce that our regulator, the BC Financial Services Authority, has given consent for Spruce Credit Union to proceed with a member vote.

Together, we would provide a network of 23 branch locations and 16 insurance locations to a combined 77,000 members, spanning across 16 communities. Combined total assets under administration would be approximately $3.75 billion.

Together, we will have even greater resources and scale to better serve our members within an increasingly competitive landscape. This merger is about taking all that is great about our credit union and making it even better. It is about combining our teams, our expertise and our assets to ensure we remain strong and ready to carry on our founding members’ legacy for generations to come.

 Moving Forward Together

As a member, your voice matters. When you chose to become a member of Spruce Credit Union, you chose to have a say and participate in decisions on how your credit union operates. On November 23, 2021, we will host a special meeting of members for you to vote on the proposed merger. In early November, we will mail you an official meeting notice and a comprehensive Guide to the Merger.  

We encourage you to learn more about the proposed merger at www.movingforwardtogether.ca, where you’ll find more information, an FAQ and Members Guide to the Merger. If you have any questions, please contact us at wayforward@sprucecu.bc.ca.

 

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