Connecting Communities

Grand Forks Credit Union and *G&F Financial Group Embark on Merger Discussions focused on building a boundless BC Credit Union!

The Boards of Grand Forks Credit Union (gfcu) and G&F Financial Group* have engaged in merger discussions. After careful consideration, the credit unions believe that this new partnership can better serve our collective membership, our employees and communities.

Keep reading to learn more about the proposed merger, timelines, process, frequently asked questions, and to share your feedback!

    Check back here often for more updates.

                                      *G&F Financial Group is the operating trade name of Gulf and Fraser Fishermen’s Credit Union.

Imagine a Shared Vision for the Future

G&F
Grand Forks Credit Union Logo
G&F

Imagine a future together in which we thrive financially and personally.  

Members are empowered through financial education, trusted advice, and the right banking tools — each one of our members has the potential to reach their financial goals.  Every member can expect a personalized banking experience, whether they choose to bank from the comfort of their own home, or from one of our many locations that would span from downtown Vancouver, through the Fraser Valley, and into the Boundary Region of Southern British Columbia. 

 

Imagine employees feel a healthy balance of being fulfilled and challenged by their role because they believe in and live by our shared cooperative values. Employees are empowered to grow their career through education, training, and opportunity, are committed to delivering on our promise to provide personalized service, professional financial advice, and an exceptional experience to our growing members.

 

Imagine how communities can thrive through our active involvement and investment in people and programs that are meaningful, including local and meaningful events and activities unique to our diverse communities.  Our people-helping-people philosophy ensures our members’ deposits are invested locally to help build stronger, more caring, and resilient communities that we can all enjoy for generations to come.

“We’ve been looking for the right partner for a number of years now. Scale matched with a credit union that truly understands the importance of community was key in selecting G&F. The Board of gfcu is confident that with this merger, our members, employees and our community will gain a credit union with strong future potential”.

Michael Strukoff

gfcu Board Chair

“We’re honoured to have been selected by gfcu Board and management as their preferred merger partner. By leveraging our collective strengths, we look forward to providing greater opportunities for our combined employees, members and communities”.

Floyd Yamamoto

G&F President and Board Chair

Our Credit Unions Combined

Members

70,000+

As at June 2022

Assets under Administration

5.4 Billion

Employees

 

420 + employees

Branches

28 (plus two G&F branches recently announced)

What this means to our Members, Employees and Communities

  • A combined membership of over 70,000 may give depositors greater investment options and borrowers access to more lending products and larger amounts.
  • A credit union with more capacity to invest in its people’s future
  • A larger pool of assets may allow for greater and faster expansion of services to the membership
  • A stronger base of expanded services to attract new members
  • Anticipated ability for greater investment in areas such as digital and community
  • More talented people to work with and specialized positions
  • More career opportunities and training for employees within a larger organization

Merger Timeline

October 2021

The gfcu Board of Directors formalize search for new merger partner

February 2022

The gfcu Board approaches G&F as a potential merger partner

March 2022

The gfcu Board selects G&F as a potential merger partner

April 2022

Proposed merger announced

July 2022

Application for Consent submitted to the BC Financial Services Authority (BCFSA) for review and consent

September 2022

Anticipated consent from the BC Financial Services Authority (BCSFA)

November 2022

gfcu membership votes on proposed merger

January 2023

Anticipated effective date of merger, once positive membership vote attained

Frequently Asked Questions

The financial services industry continues to evolve – changing consumer expectations, increased competition and modern technological growth, which means that scale and efficiency are becoming more important for all credit unions.  The Boards and Management of both credit unions are strategically aligned to believe that we can be better prepared to address this through merging. We believe a merger will position us well to continue to thrive, provide value to our members, achieve our goals and provide a secure future for members and employees, through scale and increased access to resources.

The decision to move forward with our proposed merger was a mutual discussion and decision.  To focus on bringing together the best of both credit unions efficiently as possible to create something better, both boards jointly agreed the most practical way to merge was via an asset transfer agreement, where G&F acquires the assets and assumes the liabilities of gfcu and gfcu no longer exists as a separate legal entity.  gfcu members as the transferring credit union will be asked to approve the merger with G&F.

The Boards and Management of both credit unions are committed to the fair treatment of all employees. Our proposed merger is about creating more opportunities for employees and our members, by having the opportunity to leverage the talent and strength from both organizations. Investing in employees is important. We want to retain talent, and there will be opportunities in Grand Forks and the Lower Mainland.

Both credit unions have a shared history of supporting our communities – this commitment is embedded in our credit union roots. This commitment will continue. With pooled resources, our credit union will have an opportunity to make a greater impact in our communities. The community grant foundation in Grand Forks will continue as will the G&F Financial Group Foundation.

 

Currently our Application for Consent has been submitted to our regulator, BC Financial Services Authority (BCFSA). We anticipate hearing back from them in late September. If consent to proceed is received, voting details will be shared with gfcu members in October, with voting taking place in early November. 

Your Feedback is Welcome

Your feedback is important! As financial cooperatives, we’re owned by our members and your voice matters.

** Please note that we will need both your name and your email address to reply to your feedback. **