Aldergrove Credit Union and G&F Financial Group set plans to merge
After years of collaborating, working together and building a trusted relationship, Aldergrove Credit Union and G&F Financial Group have engaged in merger discussions. Working together and collaborating for many years, it is a natural fit and evolution in our partnership.
With a similar alignment on community, employee engagement and development, and providing continued value to members built on trust and relationships, the merger of our two credit unions will enable a greater focus in all these areas, through scale and combined resources. By leveraging our collective strengths, our credit unions look forward to providing greater opportunities for employees, members, and our communities.
The combined organization has over 145 years of experience serving the Lower Mainland and Fraser Valley. Collectively, we would provide a network of 24 branch locations and 4 insurance locations, to a combined 52,000+ members, spanning across communities from Vancouver, Richmond, Burnaby, New Westminster, Port Coquitlam, Surrey, Langley, Aldergrove, Abbotsford and Mission. Combined total assets under administration would be just under $4 billion.
Our employees and members will experience many benefits through the merger, some of which include:
The merger of our two credit unions will enable us to strengthen our combined resources creating opportunities to provide increased product offerings and specialized expertise to our members, as well as an engaging and exciting place for our employees to work and grow their careers. Combining resources will allow us to also make a greater impact in our local communities.
There are many steps along the way to a successful merger including due diligence and a positive membership vote. We expect to merge sometime in 2021.
Members should notice little change at the time of the initial merger to their branch and how they bank. Service will be the same across our increased network of locations. Our credit unions are committed to maintaining the level of personal service in our merged credit union that exists today.
For employees, in addition to being part of building something exciting, there will be greater resources as our credit unions come together, more career and professional development opportunities in our larger, merged credit union. The opportunity to cross-train in other positions, expanded geographic footprint to work in, as well as other professional training and development, will remain a focus.
Current Aldergrove Credit Union CEO, Gus K Hartl, will assume the role of President, with a primary focus on the successful integration of our two organizations. Our new credit union will maintain a Co-CEO structure, with current G&F Co-CEOs, Bill Kiss and Jeff Shewfelt assuming the roles of Co-CEO.
Currently, both credit union boards are made up of nine (9) positions each. The new Board will have 14 positions comprised of five (5) Directors from Aldergrove Credit union and nine (9) G&F Directors, to provide good representation from both credit unions.
Members of both credit unions will keep their current products, accounts and other financial services. A merger presents an excellent opportunity to review the different accounts offered by each credit union and determine best options. Over time, we will evaluate our products and services to ensure they meet the needs of members.
G&F Financial Group provides a full range of personal and business banking, investment and insurance solutions to their credit union members. With a passion for educating and empowering others to achieve their financial goals, they focus on providing advice tailored uniquely for each member and have supported members and invested in local communities for 80 years. www.gffg.com.