Not everyone knows, and loves, credit unions like we do, so it seems like a good idea to tell you a bit about
who First Calgary Financial and Chinook Credit Union are before we begin.
First Calgary Financial is Albertas second largest credit union, with over 70,000 members and 500 employees, living and working in the greater Calgary area. With assets under administration of over $3 billion, First Calgary Financial operates 16 branch locations, supported by a locally based Contact Centre, Consumer Finance and Independent Business Banking teams.
Chinook Credit Union is Albertas third largest credit union, with 11 branches, 2 agencies, and assets under administration of over $1 billion. Chinook is a dynamic, full-service financial institution serving the rural communities in Southern Alberta. It meets the banking needs of more than 20,000 members, employing close to 200 employees.
The opportunity before us
In November 2013, First Calgary Financial and Chinook Credit Union, Albertas second and third largest credits unions, announced discussions to determine how we could collaborate on mutually beneficial solutions for our members, employees, communities and stakeholders. Both organizations had 75+ year histories of strengthening the communities where they operate, and it quickly became apparent from these discussions, that we could better serve our members if we joined together through a non-traditional merger. We say non-traditional because in a traditional merger, one company takes over the other company. Merging two credit unions with award winning cultures and brands that are deeply entrenched into the communities where they operate, meant, that we had to think a little differently about our merger.