Aldergrove Credit Union and G&F Financial Group have announced they will officially merge into one unified credit union on Aug. 1, 2021.
Following an extensive due diligence process beginning in September of 2020, and with consent to proceed given by the BC Financial Services Authority – Aldergrove Credit Union employees and members were invited to vote on the merger from June 21 to July 5.
Results showed the majority of people who voted agree with merging the credit unions that have worked together for many years.
The combined organization will operate under the legal name, Gulf and Fraser Fishermen’s Credit Union, doing business as G&F Financial Group.
Aldergrove Credit Union will operate as Aldergrove Financial, a trade name of Gulf and Fraser Fishermen’s Credit Union.
Total assets under administration will be approximately $4 billion.
The membership will number over 52,000 with access to four insurance locations and a network of 25 branch locations spanning Lower Mainland and Fraser Valley communities from downtown Vancouver to Abbotsford.
CEO of Aldergrove Credit Union, Gus K. Hartl, will take on a new role as President of G&F Financial Group alongside Co-CEOs, Bill Kiss and Jeff Shewfelt.
The board of directors of the combined credit union will initially consist of 14 members: nine will be G&F directors and five will be former Aldergrove Credit Union directors.
READ MORE: Aldergrove Credit Union and G&F Financial Group announce plans to merge
Hartl said by merging and pooling their resources, ACU will be in a better position to uphold roots as a local, community cooperative and retain loyal members by keeping pace with the level of innovation offered by competitors.
Bev Dornan, board chair of Aldergrove Credit Union, said their shared vision for the future is now a reality, and thanked Aldergrove Credit Union members for believing that the best path forward is together, and for using their voice to vote in favour of merging.
“Our credit union and cooperative spirit will continue to live strong in everything we do for generations to come. Let the good work to bring our 52,000 members and over 300 employees together, begin,” Dornan explained.
Lewis Bublé, president and board chair of G&F Financial Group called the vote an important day in their history.
“We are thrilled to merge with Aldergrove Credit Union, a fellow credit union that shares similar values and goals to put members and community at the centre of everything we do,” Bublé explained. “I’m excited for our future together and for the opportunity to give our members the enhanced tools, service and more locations that they have been asking for. This merger is a win for everyone.”
More information about the merger can be found at www.aldergrovecu.ca/about-us/media-centre.
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