Westminster Savings Credit Union and Prospera Credit Union have mutually agreed to cease merger discussions effective immediately.
Since announcing they had entered merger discussions in September 2014, both credit unions have been carrying out due diligence to help determine whether the proposed merger was in the best interests of their members, employees and communities.
â€œGiven the challenges we continue to face in our operating environment and the costs required to bring our two credit unions together, the boards of both credit unions believe it is in the best interests of our members and employees to pursue independent business strategies at this point in time,â€ said Bill Brown, board chair, Westminster Savings Credit Union.
The due diligence process involved an in-depth analysis of the benefits, risks and costs of bringing the two credit unions together.
â€œThis has been a very difficult decision for us to reach, and we sincerely thank our management teams and all employees for their work and extraordinary efforts involved over the past few months,â€ said Angela Kaiser, board chair for Prospera Credit Union.
Established 70 years ago, Westminster Savings provides a full range of retail, commercial, and wealth management across metropolitan Vancouver.
Through its wholly owned leasing subsidiaries, Westminster Savings also provides auto, equipment, and fleet leasing.
Building on more than 65 years of history in British Columbia, Prospera Credit Union is in communities from Vancouver to Kelowna.