For over 75 years, Prospera and Westminster Savings have been successful financial institutions because of our unwavering focus on meeting the needs of our members, providing fulfilling careers for employees and for giving back to the communities we serve. Now, our two like-minded credit unions have come together to propose a merger to become an even stronger credit union. Together, we’ll have the opportunity to offer more branch locations, better online and mobile services, and the enhanced opportunity to provide more affordable banking options for members. Not just for today, but for future generations.
Learn more about the proposed merger. Click the links below to download the documentation:
Voting
The voting period for eligible Prospera and Westminster Savings members is October 30 to November 15.
As a credit union member, you are owners, not just customers, and you have a say in how your credit union operates. Your vote matters.
All the reasons you’ve come to rely upon us, including our local focus, expert one-to-one financial advice, friendly helpful employees and convenient branches will continue to be our priorities.
We approach our proposed merger with passion, purpose and optimism, and we are committed to this – to enrich the lives of our members and employees, to make a meaningful difference in the communities we serve, and to build an even stronger, better credit union for British Columbians.
Together, we want to give you more.
Together, we will be FutureStrong.
WAYS to VOTE
Voting Period:
Open at 9:00 am PST on October 30, 2019
Closes at 5:00 pm PST on November 15, 2019
Voting Methods Individuals:
Eligible members are entitled to vote only once, either by mail or electronically online.
To vote by mail ballot, members can use the ballot included in the voting package and return by mail. See full details on page 20 of Member’s Guide. All mail ballots must be received by 5:00 pm on November 15, 2019.
Voting Methods Non-Individuals:
All businesses, corporations, partnerships and other entities can vote through their authorized representative by completing the Designation of Authorized Representative portion of their mail ballot. See full details on page 20 of Member’s Guide.
Voting Period:
Open at 10:00 am PST on October 30, 2019
Closes at 6:00 pm PST on November 15, 2019
Voting Methods Individuals:
Eligible members are entitled to vote only once, either by mail, in-person or electronically online.
To vote by mail ballot, see full details on page 20 of Member’s Guide. All mail ballots must be received by 6:00 pm on November 15, 2019.
IN PERSON AT A Branch
Visit your nearest Prospera branch between 10:00 am PST on October 30, 2019 and 6:00 pm PST on November 15, 2019
Find a location near you.
Voting Methods Non-Individuals:
Mail Ballot: To vote by mail, see full details on page 20 of the Member’s Guide. All members who are not individuals may vote by mail ballot if the ballot is requested in writing not less than ten (10) days prior to the commencement of voting or if the ballot is requested in person not less than one day prior to the commencement of voting. All mail ballots must be received by 6:00 pm on November 15, 2019.
Make an informed decision. Join us at a town hall to learn more about the proposed merger.
TOP POTENTIAL BENEFITS for OUR MEMBERS
Double the branches, serving more communities extending from Vancouver, through the Fraser Valley and up to the Okanagan.
The opportunity to provide members with more competitive account and service fee pricing, and make banking more affordable.
Better mobile and online banking solutions to make it easier to bank with us, anytime, anywhere.
An improved local business experience, with innovative solutions, personal relationships, and innovative products and services.
A seamless banking experience – easy, convenient, and user-friendly, delivered to members the way they want to be served.
Meaningful community investment to strengthen the relationships with the local communities we serve and support.
Branch Network
With a successful merger, you’ll be able to access 29 branches from Vancouver, through the Fraser Valley and into the Okanagan.
Explore our branch network on the map below.
Gavin Toy“Members want more branch locations, better online and mobile banking and more affordable banking options. By coming together and becoming an even stronger credit union, we intend to deliver the benefits our members are looking for. But this proposed merger is more than that. Together, we will have more opportunity to innovate and lead, invest and grow, and to deepen our partnership with our members, employees and the communities we serve.”
Russ Walsh“I’m encouraged by the possibility of the merger. As the credit union grows, I’m hopeful that as members, we will get even better services and a wider variety of products. As Prospera gets bigger, it means it will have the potential to be stronger and the team there will be able to handle my changing business needs even better than they do today! I’m embracing the future and I’m hopeful that this merger will happen because I believe it can only get better as the credit union gets bigger!”
Rajesh Sharma“I believe this merger could provide many benefits to members, including lower cost of services, lower loan rates and higher dividends. Because credit unions invest in their communities, I support this merger.”
Nicola Ainsworth-Taylor“When I think about the merger, two words come to mind; opportunity and excitement.
I am excited to see our organization evolve and grow, to have the opportunity to serve a wider community, provide enhanced services to our members and to have greater opportunity for professional development and career growth. I truly believe that we are stronger together!”
Bradina Enns“The merger to me means MORE. We’ll have more scale to better serve and advise our members and our staff will have more opportunities to learn and grow. We’ll also have more resources to positively impact the communities we serve.”
Frequently Asked Questions
Q: Why are you merging?
A: We propose a merger of two credit unions with complementary strengths and of similar size, to better provide for the needs of our members, employees and the communities that we serve. Members want more branch locations, better online and mobile banking and more affordable banking options. By coming together and becoming an even stronger credit union, we expect to be able to deliver the benefits our members are looking for – and more. The merged entity, Prospera Credit Union, expects to provide even more dynamic and fulfilling careers, better training, and professional development opportunities for our valued employees. Our two credit unions are proud of our local roots, and together we expect to be better positioned to make an even greater investment in our local communities.
Q: What will be the new name of the merged credit union?
A: After careful consideration, the Boards of both Prospera and Westminster Savings decided that the name of the new merged entity should be “Prospera Credit Union”. The Prospera name was chosen based on the desire to have a name that reflects a member base that will stretch from Vancouver to Hope and throughout the Okanagan.
Q: If approved, when will the merger be effective?
A: If approved by both credit unions’ memberships, the credit unions are anticipating and planning for a January 1, 2020 effective date.
Q: Is this merger or a take-over?
A: This is a merger of two credit unions with complementary strengths and of similar size and values that operate in largely complementary markets. After careful consideration and due diligence, the Boards and Executive teams both believe in the merits of joining forces for the benefit of our members, our employees and the communities we serve. The proposed merger is an amalgamation of Prospera and Westminster Savings and this submission was filed with FICOM under Section 20 of the Credit Union Incorporation Act (British Columbia).
Q: What is the vision for the new company?
A: The merged credit union will work to improve the financial futures for its 120,000 members, 900 employees and the communities it will serve. The vision will be anchored in local business and a digital first mindset. It will strive to be the go-to financial institution for BC local businesses, with a sharpened focus on helping local business owners reach their financial goals. In serving local businesses, New Prospera expects to increasingly support the eco-system of those businesses including owners, employees, families and the communities they live in. A digital first mindset includes revamping processes, tools and capabilities, products and services, and data analytics, providing the capacity to innovate. This includes providing our employees with interesting and rewarding careers while helping BC families and businesses succeed through professional financial advice.
Q: Who will be the new CEO?
A: Gavin Toy, currently the CEO of Westminster Savings, will be the President & Chief Executive Officer of the merged credit union. He offers nearly 25 years working for two prominent member-based organizations and has a deep commitment to delivering member value. One of his priorities is building an organizational culture that provides members with an excellent customer experience and employees with a workplace that is highly engaging. He is supported by a strong Board and Executive Leadership Team selected from both Westminster Savings and Prospera.
Progress
Here are the phases of the proposed merger between Prospera and Westminster Savings.
<h4>Phase 1: Merger Exploration </h4>
Exploration of the merger began in early 2018 through discussions between the Boards of Prospera and Westminster Savings. In June 2018, both Boards passed a unanimous decision to move forward with the merger process.
<h4>Phase 2: Merger Due Diligence</h4>
Between June 2018 and February 2019, a Joint Merger Team was established to conduct further due diligence of the merger. Various explorations were conducted internally and externally to validate the potential success of the merger. A jointly developed vision, strategy and business case was submitted to the Financial Institutions Commission of BC (FICOM) for review.
<h4>Phase 3: FICOM Review and Consent</h4>
FICOM reviewed the amalgamation application and provided consent to the merger of Prospera Credit Union and Westminster Savings Credit Union in September 2019.
<h4>Phase 4: Member Engagement</h4>
Starting in October 2019, Prospera and Westminster Savings have six weeks to inform and educate members about benefits of the merger and encourage members to vote.
<h4>Phase 5: Member Vote</h4>
Members of Prospera and Westminster Savings have the opportunity to cast their votes for the merger between October 30, 2019 and on November 15, 2019. Information on how members can vote is located here.
<h4>Phase 6: Merger Voting Result</h4>
The results of the merger vote will be updated on November 21, 2019.
Contact
We’re here to help answer any questions you have about the merger or merger process. Please contact your credit union directly or stop by your local branch.
Westminster Savings Credit Union Members
In the Lower Mainland: 604-517-0100
Toll Free: 1-877-506-0100
Prospera Credit Union Members
[email protected]
Toll-Free: 1-888-440-4480