ABCU Credit Union and Innovation Federal Credit Union’s Boards Approve Business Case to Pursue Merger

on: 6 months ago

For immediate release

ABCU Credit Union (ABCU) and Innovation Federal Credit Union (Innovation) are pleased to announce that their respective Boards of Directors have approved the business case to apply for regulatory approval of a merger. This ground-breaking partnership would be the first-ever interprovincial merger in the Canadian credit union system, creating a federal credit union with over $5.2 billion in assets and approximately 70,000 members across Canada.

The approval follows a Memorandum of Understanding signed by both credit unions in December 2023, which allowed them to explore the potential benefits and feasibility of a merger. The approval of the business case by both Boards in June 2024 is only step one of many and allows the credit unions to seek the various regulatory approvals to proceed with a member vote on the merger. If approved, step two would involve both credit union memberships voting in favor of the merger for it to proceed.

“We are excited to take this next step in our journey to create a stronger, more resilient, and more competitive credit union for our members,” said ABCU’s Board Chair, Richard Colwell. “By joining forces with Innovation, we will be able to offer more products and services, enhance our digital capabilities, and expand our presence across Canada.”

“Innovation is thrilled to partner with ABCU, a like-minded credit union that shares our passion for innovation and excellence,” said Innovation Board Chair Russ Siemens. “Together, we will leverage our strengths and expertise to deliver exceptional value and convenience to our members, while maintaining our local roots and community focus.”

More information about the proposed merger, including FAQs, can be found at www.innovationcu.ca/abcu-innovation-merger.html

About ABCU Credit Union

ABCU Credit Union is a full-service financial institution passionate about providing high-quality, personalized advice to each member, ensuring their financial dreams become a reality. With a network of two conveniently located branches in the Edmonton region, ABCU Credit Union serves over 7,000 members offering a range of services with over $274 million in assets under management. Beyond their commitment to individual financial success, ABCU Credit Union, through its ABCU Community Foundation provides access to financial assistance to the communities they serve.

About Innovation Federal Credit Union:

Innovation Federal Credit Union is one of the largest credit unions in Saskatchewan with approximately 500 amazing employees and more than $4.93 billion in assets. We serve 62,000+ outstanding members digitally and across 25 advice centre locations and offer in-person service in both Regina and Saskatoon. Our purpose is to simplify banking for Canadians. As a member-owned cooperative, we use our profits to make life better for you, our communities, and our world.

We offer free banking solutions to save you money.
We provide quarterly returns to our members. Since 2007, we’ve returned nearly $44.38 million to our members.
We reinvest 2 – 4% of pre-tax profits back into the communities we serve. Since 2007, we’ve donated over $9 million to our communities.

It’s all part of our Responsible Banking™ philosophy! With the overwhelming support of our membership, we’re excited to be the first federal credit union in Saskatchewan.

For more information about the Innovation Federal Credit Union difference, please visit our website: www.innovationcu.ca