In order to explore the potential for additional value creation in the products and services that OCU is able to provide you, your Board of Directors has initiated discussions with Summerland Credit Union (SCU) and Revelstoke Credit Union (RCU) about the possibility of joining forces through a merger. Any such transaction will require the consent of the BC Financial Services Authority (BCFSA).
The change in delivery of financial services in today’s marketplace is so great that small, independent operations, such as ours, are faced with more and more challenges all the time. It was with this backdrop in mind that we began discussions with SCU and RCU.
A decision has not yet been made to proceed. Any such decision, if it were made, would require the approval of the members of OCU and any such approval would result in all three credit unions coming together to form a new credit union.
Your Board of Directors believes that the ideal time to deal with this issue is during times of strength, and all three financial organizations are in sound financial condition. They also believe that SCU and RCU are a good fit with OCU due to the existing relationship and collaborative efforts that the credit unions have been working on since 2022.
If the decision is made by your Board to proceed to the next step, we will keep you informed. If you have any questions at all, please feel free to contact us.
For more information see the official media release attached here.