BlueShore Financial negotiating takeover of Coastal Community Credit Union | General financial discussion | Discussion forum

The consolidation continues. Just saw that BlueShore Financial (North Shore Credit Union, just about the oldest surviving one in BC - since 1941) is negotiating the takeover of Coastal Community Credit Union.

BlueShore is something like 7.5 billion under management and pretty healthy. They come from a war-time union culture and strong ideological principles, but in the last decade have been trying to move from mom-and-pop accounts to Wealth Management for High Net Worth Individuals. The have sometimes been very competitive in offerings, but not much for the last few years.

Is all this consolidation part of an industry response to fintech and other low-service outfits starting to target the traditional credit union customer?