In media release Wednesday, the staff, leadership, and Board of Directors announced that Grand Forks Credit Union (gfcu) members have voted in favour of a merger with Gulf & Fraser* that will take effect on January 1, 2023.
The media release said the merged credit union will better serve their collective membership, employees, and communities through scale and combined resources.
"This result guarantees a more robust credit union in the Boundary," said gfu Board Chair, Michael Strukoff.
"Thank you, to our membership, for trusting our Board of Directors and supporting our recommendation to merge.”
This is the fourth credit union merger with Gulf & Fraser in less than two years.
Aldergrove Credit Union merged with Gulf & Fraser (formerly G&F Financial Group) in 2021. VP Credit Union and Mount Lehman Credit Union joined Gulf & Fraser in January 2022 after approaching the credit union with their interest to work together.
The media release said the merged credit union will have a total of $5.6 billion under its guidance and administration which creates more opportunities for members such as enhanced services and giving back to communities.
The merged credit union will have over 70,000 members and a network of 28 branch locations that extend beyond Grand Forks and span the Lower Mainland and Fraser Valley communities from downtown Vancouver to Abbotsford.
“With this positive vote outcome, we have an exciting future to look forward to. Our employees did an outstanding job in communicating with members, ensuring they got the answers needed to make an informed decision," said gfcu CEO, Becky Clements.
Clements added the merged organization will operate under the legal name, Gulf and Fraser Fishermen’s Credit Union, doing business as Gulf & Fraser.
"Recognizing the legacy and longstanding heritage of gfcu, both boards determined early in the process that the gfcu brand will live on with the merged credit union operating the former branch of gfcu as “GFCU Savings, a trade name of Gulf and Fraser Fishermen’s Credit Union," said Clements.
Co-CEOs for Gulf & Fraser, Bill Kiss, and Jeff Shewfelt said the merger adds to the opportunity to connect and build a wider network to better serve our current members and the members of Grand Forks Credit Union, no matter where they live.
"We have been steadily growing our credit union family for over 82 years, so we are already serving the entire province today, with members living in the southern, interior, and northern parts of B.C. Our goal is not to ‘grow for the sake of growth’ but to strengthen our ability to serve our collective members by providing enhanced technology and access to banking services, a strong network of credit union branches, and the services and programs that support our members wherever they live in B.C.,” the joint statement said.
About Grand Forks Credit Union (gfcu)
Grand Forks Credit Union is a financial services cooperative owned by its membership. The credit union continually strives to provide proactive service and creative financial solutions for members – all while investing in and supporting communities across Boundary Country and the West Kootenays. gfcu has been helping members and the community reach their financial goals for more than 70 years. www.gfcu.com
About Gulf & Fraser Gulf & Fraser
Gulf & Fraser Gulf & Fraser proudly provides credit union members with a full range of personal and business banking, investment, and insurance solutions. For over 80 years, they have been committed to empowering communities through local collaboration, financial wellness education, and reliable advice and service. Gulf & Fraser is here to Power your Possible.™