You have questions about this potential merger. We will do our best to answer them based on what we know today.
If you have a question that you do not see here, please contact us to share your thoughts. We will update this site with relevant new questions as they come in.
We expect that the proposed merger would deliver enhanced benefits and opportunities for members, employees, and our communities.
The cultures and values of our credit unions are aligned, as is the continued importance we place on highly personalized service. We know this is important to our members and employees.
We want our members to be able to access more products and services, including access to more branches in more communities.
It is important that our employees continue to have access to additional career development opportunities while maintaining a strong focus on well-being and professional growth.
We expect that with the potential merger, we would be better positioned to continue our commitment to ensuring the communities and economies we serve remain vibrant and strong.
Yes, if BCFSA consents to the proposed merger, GVC members will vote on the potential merger. Due to the structure of the proposed merger, only GVC members will vote on this potential merger. If the merger is approved by GVC members, GVC will become a part of Cascadia Credit Union and operate under the Cascadia name. There will be opportunities for both GVC and Cascadia members to ask questions, provide feedback, and learn more about the proposed merger.
After receiving tax and legal advice on the proposed merger, GVC and Cascadia ultimately determined that the proposed merger will be structured as an asset transfer. This means that if the merger proceeds, Cascadia will acquire all the assets and assume all the liabilities of GVC. Upon completion of the proposed merger, GVC members will become members of Cascadia Credit Union. Despite this approach and the difference in size between GVC and Cascadia, the credit unions are approaching the proposed merger as a collaborative process, ensuring that GVC’s legacy is appropriately incorporated into Cascadia’s future operations.
GVC and Cascadia want to explore the potential opportunities if we align our operations and resources.
If we reflect on what each credit union is currently doing independently and we combine that energy and effort, we believe that together we could accomplish more and potentially deliver greater benefits to more members across a wider service area.
The environment for Canadian financial institutions is influenced by rapid innovation, evolving member needs, advancements in technology, economic uncertainty, regulatory expectations, and more. These forces come together to create an environment for Canadian credit unions that demands we adapt and change.
GVC and Cascadia want to explore what could be possible together that may not be achievable on our own. The process is driven by a desire to enhance what we can do for employees, members, and our communities. Cascadia has three branches in the interior of BC – in Summerland, Revelstoke, and Osoyoos – and GVC has three branches in the lower mainland – in Surrey, Burnaby, and Vancouver. It is intended that members would have access to services in all of these branches when you travel to or do business in these areas.
There are no expected or anticipated job losses or branch closures as a result of the potential merger.
If GVC members vote to proceed with the proposed merger with Cascadia, it is anticipated that nothing will change in the short term. GVC members will continue to bank as they always have – online through gvccu.com, the mobile app, at GVC’s three branches, and using their GVC debit and credit cards wherever they go. The transition to Cascadia would happen over time starting well into 2027 and members would continue to be updated as the integration to Cascadia progresses.
BCFSA will conduct an in-depth review of our merger application, to ensure the proposed merger would not be contrary to the interests of the credit unions and our members, employees, and communities served.
Should BCFSA provide its consent to proceed, more details on voting and next steps will be shared with the members of GVC and Cascadia. Members of both credit unions will have opportunities to learn more, ask questions, and provide feedback on the proposed merger.
Most importantly, throughout this process, we want to hear from you and all stakeholders. This process will unfold through the fall. As we move forward, we will provide regular updates on our progress through this website, in-branch, and on our social media pages.
