S.E. BC 'Elevatus Credit Union Project' Called Off. :-( | General financial discussion | Discussion forum

Bringing this back up given the discussion in a new proposed MB merger of 3 CUs in https://www.highinterestsavings.ca/forum/hubert-financial/merger-discussions-are-underway/ Knowing all the noted SEBC communities a bit, I believe the merger of 6 would have been the right thing to do to reach critical mass with $3?B in assets but I think it failed because a merger of 6 was too big to get arms around and there may not have been an overly dominant member in the 6 entities.

I think they will try again but maybe only 3 of them initially, get processes and policies and systems ironed out, and then bring others back in on a one by one basis using the platform of the larger entity. There is no reason for all of SEBC to have more than one CU.

I would hope so. It is a large region https://www2.gov.bc.ca/assets/gov/data/geographic/land-use/administrative-boundaries/census-boundaries/development-region/map_development_region_kootenay_4.pdf with maybe 150-160k population spread over a dozen 'towns' mostly along Highway 3.

It just makes sense the 6 CUs servicing this region would be more effective as one allowing more diversification in lending and no one CU being overly vulnerable to single industry collapses.