The overwhelming majority of members of the Innovation Federal Credit Union and ABCU Credit Union are in favour of a merger between the two financial institutions.
Innovation held its Annual and Special Meeting on Thursday in Swift Current, with its membership attending in-person and virtually, voting 82 percent in favour of a merger. The vote comes one day after 96 per cent of members at ABCU were also supportive of the amalgamation.
Russ Siemens, board chair for Innovation Federal Credit Union, said the board wholeheartedly supports the decision made by its members in the voting process.
"Their approval demonstrates an incredible commitment to innovation and progress within the credit union system," he said in a press release. "This merger is not just a union of two organizations; it's a forward-thinking initiative that positions us to better serve our members' evolving needs on a national scale. Together, we are laying the foundation for a dynamic, resilient, and member-focused future."
ABCU Board Chair Richard Colwell said the votes pave the way for the first-ever interprovincial merger.
"While regulatory approvals remain, this decision showcases the vision and confidence of our members, propelling us toward a transformative future," he said.
The two organizations announced on January 5, 2024, their intentions to explore a merger. In July of 2024, the two credit unions’ board of directors approved the business case.
No date for the merger has been shared.
Innovation Federal Credit Union, headquartered in Swift Current, has about 500 employees with over 67,500 members and more than $5.5 billion in administered assets. ABCU Credit Union is headquartered in Beaumont, Alberta, and has over 6,700 members and $274 million in administered assets.