Exploring First-Ever Interprovincial Merger

Innovation Federal Credit Union and ABCU Credit Union  Announce Plans to Explore First-Ever Interprovincial Merger

January 5, 2024 - For Immediate Release

(Beaumont, AB, Swift Current SK) The Board of Directors of Innovation Federal Credit Union (Innovation) and ABCU Credit Union (ABCU) are excited to announce their intention to explore a merger. The proposed partnership would bring ground-breaking changes to the credit union landscape, being the first-ever interprovincial merger.

This announcement follows preliminary discussions between the two organizations to evaluate the potential strengths and benefits that could be realized through a merger. Both credit unions have signed a Memorandum of Understanding which allows further evaluation of the partnership.
 
“One of the many benefits of becoming a federal credit union is the opportunity to partner with like-minded credit unions across Canada,” states Innovation Board Chair Russ Siemens. “It became apparent early in our conversations with ABCU that our organizations shared the common desire to provide values-based co-operative banking services to our members in an innovative and member-focused manner.”

“Innovation is very proud of its strong dedication to the Co-operative Principles through our commitment to Responsible Banking™”, adds Innovation CEO, Daniel Johnson. “We are thrilled by the prospect of bringing free banking to ABCU members and providing additional in-person
access to our existing membership through two new locations in Alberta.”

“The Co-operative Principles outline the values of credit unions and speak about the members having a say in the direction of the credit union,” said ABCU’s Board Chair, Richard Colwell. “This project has kept these principles in mind and as a first adopter, ABCU is creating a template that every provincially based credit union can use and consider when seeking a potential merger partner,” says Colwell.

“We are confident that by bringing together the combined strengths and shared values of both organizations we will create a more competitive, resilient, and sustainable financial institution that will benefit members, staff, and our communities,” says David Williamson, ABCU’s CEO. “Employees have a right to receive training and education and there must always be a concern for the communities we support. Members are seeking a wide variety of choices, specifically best price, and lower fees, and we are excited to be able to provide that should a partnership 
occur.”

The credit unions will now enter enhanced due diligence and stakeholder consultations to assess the merger opportunity. The decision to merge is subject to satisfactory due diligence, stakeholder consultation, regulatory approval, and member approval at both credit unions. Innovation became Canada’s third federally regulated credit union in June of 2023, with the issuance of letters patent of continuance by the Minister of Finance (Canada).

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About Innovation Federal Credit Union

Innovation Federal Credit Union is one of the largest credit unions in Saskatchewan with approximately 400 amazing employees and more than $4.4 billion in administered assets. We serve 61,000+ outstanding members 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 over $42
  million to our members.
• We reinvest 2 - 4% of pre-tax profits back into the communities we serve. Since 2007, 
  we've donated over $7.70 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.


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 $297 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.


Media Contacts:

Innovation Federal Credit Union 
Daniel Johnson, CEO
daniel.johnson@innovationcu.ca
C: 306.741.0708 


ABCU Credit Union Ltd.
David Williamson, CEO
dwilliamson@abcu.ca 
C: 587-341-1489  
W: 780-929-7515