September 2019


Prospera and Westminster Savings receive FICOM regulatory consent for proposed merger to build a better credit union for members, employees and communities
Leading to a member vote, FutureStrong campaign will highlight more branches and opportunities for more affordable banking, better online and mobile services, and deeper community investment

Surrey and Abbotsford, British Columbia, September 19, 2019:

The Boards of Directors of Prospera Credit Union (“Prospera”) and Westminster Savings Credit Union (“Westminster”) today announced that B.C.’s Financial Institutions Commission (“FICOM”) has provided regulatory consent for the proposed merger of their two long-standing credit unions.

FICOM regulatory consent marks another milestone for the proposed merger, which has been unanimously endorsed by both credit union Boards and is expected to deliver significant and sustainable benefits to members, employees and local communities. The proposed merger will now be put to all members through an information campaign and voting process from October 30, 2019 to November 15, 2019.

If approved by the memberships of both credit unions, the merged entity will be known as Prospera Credit Union. Key member benefits from the merger include an expanded branch footprint and the opportunity to provide new and enhanced products and services, more competitive rates and a better online and mobile banking experience. The merged credit union is expected to give employees access to more dynamic and fulfilling careers, better training and professional development opportunities, while communities can expect greater support and resources.

“We have explored the proposed merger in detail for over a year, and we are excited and energized by the merits of joining forces to create an organization and culture that is FutureStrong,” said Art Van Pelt, Chair of the Board of Directors, Westminster Savings Credit Union. “By bringing our organizations together, we are positioning ourselves to deliver all the benefits our members and employees are looking for—and more.”

“Our combined vision builds upon more than 75 years of experience as community-based, purpose-driven organizations,” added Eric Nadin, Chair of the Board of Directors, Prospera Credit Union. “We have a unique opportunity to do something very special together, to establish a sustainable business model that allows us to give back to our communities while offering personal service, value to members and interesting, rewarding careers for our employees. For now, and generations to come.”

The merged credit union will be Canada’s sixth largest, with $9.5 billion in assets under management, more than 120,000 members, 900 employees, and 29 branches. The merged credit union’s scale and resources will allow it to invest more over time in the technology, products and services that members and local businesses now demand and to compete effectively in today’s financial services marketplace. In addition, the merged credit union anticipates making more than $6 million in community investments in its first five years post-merger.

“As a team, we are approaching the proposed merger with passion, purpose and optimism,” said Diane Dou, President and CEO, Prospera. “Our two credit unions have complementary strengths, and our local focus, expert one-to-one financial advice and friendly, professional service will always remain at the heart of our business. We hope our members, employees and communities are as excited by the possibilities of a future together as we are.”

“Ours is a merger of like-minded organizations. We are both local credit unions, with similar purpose and values,” said Gavin Toy, President and CEO, Westminster Savings. “FICOM’s regulatory consent is a significant achievement, and I want to thank all Westminster and Prospera employees for their commitment and support as we move through this process together.”

A Member’s Guide to the merger between Prospera and Westminster will be mailed to members later in September. The Guide provides the information all members need to make an informed decision on the merger, including how and where to vote, merger benefits and risks, and where to find out more information. Members are also encouraged to visit FutureStrong.ca on September 27 for merger related information and updates.

Voting for members of both credits unions opens on October 30, 2019 and closes on November 15, 2019. Each credit union requires at least 2/3 of the votes cast by their members to be in favour for the merger to move forward. If the merger is approved, the credit unions expect to begin joint operations in January 2020.

In keeping with their commitment to communities, Prospera and Westminster will donate $1 for the first 10,000 ballots received during the special resolution voting period. Prospera will donate to the BC Children’s Hospital Foundation and Westminster will donate to their community partners (KidSport BC, Arts Umbrella and Special Olympics BC).



For more information, please contact:

To speak to a representative of Prospera Credit Union, contact Jessica Thiessen at 604.953.3757, email jthiessen@prospera.ca.

To speak to a representative of Westminster Savings, contact Jeff McDonald at 604.549.2566, cell 778.875.2574, email jmcdonald@wscu.com.




New partnership between Prospera Credit Union and BCIT Alumni Association aimed at reducing financial stress for trades students

Abbotsford, BC, September 13, 2019

Prospera Credit Union is proud to announce a new partnership with the British Columbia Institute of Technology Alumni Association to help reduce financial stress for BCIT trades students.

By pursuing a career in trades through BCIT, students can build the future they imagine. The collaboration between Prospera and BCIT Alumni Association will provide much-needed financial options for trades students wanting to complete their apprenticeship training, by reducing financial stress and giving them more time to focus on their studies.

“We are thrilled to announce this partnership with the BCIT Alumni Association,” says Prospera Credit Union President and CEO, Diane Dou. “By introducing this financial program we’re providing practical solutions to help accelerate apprentices earn the highest level of certification in their respective trades. Working with BCIT is a natural partnership for us at Prospera. Many of these students will go on to become local business owners, the backbone of the BC economy, and we want to help them along the various stages of their journey.”

A credit union serving British Columbia for more than 75 years, Prospera’s focus is to improve the lives of families and business owners across the province in our local communities. The BCIT Alumni Association provides benefits and services to current students and its 185,000 alumni worldwide.

“We are so pleased to partner with Prospera on this innovative program to serve our apprenticeship students and reduce financial barriers to complete their training,” says Executive Director, Alumni Relations, Leslie Courchesne.

BCIT alumni contribute to the BC economy in every sector, representing more than 20 different trades and apprentice programs. The institute prepares students wanting to pursue a trade with the necessary hands-on training to ensure success. Ninety-six per cent of alumni who complete the apprenticeship program find meaningful employment after graduation. Many BCIT alumni are entrepreneurs and end up owning and operating their own businesses.



Media Contact:
Jessica Thiessen 604.953.3757
Manager, Communications jthiessen@prospera.ca

About BCIT Alumni Association Expand/Collapse

Founded in 1979, the BCIT Alumni Association is proudly celebrating 40 years in 2019. BCIT alumni are everywhere, conquering today’s complex world, and developing new solutions to build a better tomorrow. This is why BCIT alumni – now 185,000 strong – are highly sought by employers across BC, Canada, and beyond.

To learn more about the BCIT Alumni Association, visit bcit.ca/alumni.

About Prospera Credit Union Expand/Collapse

Building on over 75 years as a BC credit union, Prospera is proud to serve communities from Vancouver to Kelowna. As a member-owned financial institution, our number one priority is the financial well-being of families and businesses in our communities. As a member of The Exchange network, our members also enjoy access to more than 4,000 surcharge free ATMs across Canada (that’s right, no ATM fees).

Making life better for everyone is important at Prospera, which has an extensive community investment program. To learn more about our community programs, check us out on YouTube, Facebook, Instagram, Twitter and Do Some Good.

For all the latest news from Prospera Credit Union, visit our newsroom online at prospera.ca.