Additional FAQs
Merger process
The two credit unions were founded to provide essential banking services to people in the local business, farming and fishing communities who had previously struggled to receive the services they needed from banks. Since then, Grand Forks Credit Union and Gulf & Fraser have continued to serve as trusted financial resources for individuals like you, families, and local businesses within their respective and growing market areas.
Grand Forks Credit Union has also worked and collaborated with Gulf & Fraser in the past, building a trusted relationship between the two credit unions. Working alongside each other has demonstrated to Grand Forks Credit Union and Gulf & Fraser how much they share similar cooperative values and synergies.
Today, both the credit unions are thriving cooperatives because of the trusted relationships they have built by always placing their members’ needs first, and their deep commitment to building strong and healthy communities.
The Board and Management of both credit unions recognize the heritage and value in both organizations.
Therefore, Grand Forks Credit Union brand will continue to exist, with the merged credit union operating the former branch of Grand Forks Credit Union as “GFCU Savings, a division of Gulf and Fraser Fishermen’s Credit Union”, or a variation of that name.
The legal name of the merged credit union will be “Gulf and Fraser Fishermen’s Credit Union”. Gulf & Fraser primarily operates under the trade name “Gulf & Fraser” and will continue to do so after the merger.
On the contrary, both gfcu and Gulf & Fraser are fiscally strong and financially healthy credit unions. Grand Forks Credit Union is a reliable and trusted financial partner for our members and communities because of the strong relationships we’ve built over the years.
However, as the financial services industry continues to evolve, the cost of delivering competitive products and services, the investment required in the evolving digital environment, the competition for talent, increasing competition from fintechs (i.e. PayPal, Mogo) and the increasing regulatory expectations, credit unions are finding themselves faced with increasing challenges and opportunities.
As a result, the Board of Directors see this proposed merger as bringing the best value to our members, employees, and communities.
In case the members vote in favour of the merger, the merged credit union will continue to embody the same community spirit and members will see Grand Forks Credit Union brand continue to exist, with the Grand Forks branch operating as “gfcu Savings, a division of Gulf and Fraser Fishermen’s Credit Union”, or a variation of that name.
Gulf & Fraser is committed to keeping the distinct business model of gfcu, and continuing to offer the same level of personalized service through Grand Forks Savings’ transactional business model.
Benefits and Effects
At the time of the initial merger, members should notice little change to their branch and how they bank.
A merger presents an excellent opportunity to review the different accounts offered by each credit union and determine best options so, there will likely be changes to some accounts, and there could be some additions to our product line. Our teams will undertake careful analysis and may seek input from our Member Experience employees to better understand the experience and feedback from members.
We will provide adequate notice and communication to our members of any changes.
At the time of the initial merger, it will be business as usual for gfcu MoneyWorks. We will provide adequate notice and communication to our members if anything changes.
The Board of Directors of the merged credit union will initially consist of thirteen members made up of the current Gulf & Fraser Directors and one former Director from Grand Forks Credit Union.
The Director from Grand Forks Credit Union will be appointed for a term expiring at the close of the second Annual General Meeting following the completion of the proposed merger. The incoming Director from Grand Forks Credit Union will be Daniel Drexler.
Yes.
And our members will have access to several more banking and financial specialists, enhanced online banking services, increased customer service hours through the HUB (Gulf & Fraser’s call centre), and much more. We believe your banking experience with your branch will only get better. You will always be welcome to come into your neighbourhood branch!
So, while we will continue to operate from our branch in Grand Forks, the merger will allow our members to take advantage of the expanded network of credit union branches throughout the Lower Mainland and Fraser Valley.
The goal of the merged credit union is to offer the same, or complementary, products and services that members currently enjoy at their respective credit unions. By joining together, the merged credit union will also have the opportunity to offer more to members with enhanced products and services.
All deposits will continue to be insured by the Credit Union Deposit Insurance Corporation.