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Servus and connectFirst credit union members agree to merge

Servus and connectFirst credit union members have voted to approve a merger.

The marriage of the two credit unions could see a combined asset portfolio of about $30 billion with connectFirst having about $7 billion in assets under management.

Servus members voted on Sep. 19 with 84 per cent in favour and connectFirst gave an 85 per cent approval on Nov. 9.

The move will see more than 3,000 employees coming together with about 500,000 members across 140 branches in 80 Alberta communities.

Until the regulatory process is completed, both credit unions will continue to operate independently.

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