The proposed merger is structured as an asset transfer under section 16 of the Credit Union Incorporation Act (BC). This means that if the proposed merger is consented to by BCFSA and approved by GVC members, Cascadia will acquire all of the assets and assume all of the liabilities of GVC.
This section sets out how the Merged Credit Union would operate, assuming consent from BCFSA and approval by GVC members for the proposed merger.
After legal close of the proposed merger on January 1, 2027, GVC’s services, member interactions, and communications will transition to the Cascadia Credit Union name, reflecting a unified identity across the Merged Credit Union. The head office of the Merged Credit Union will be the current head office of Cascadia located in Summerland, British Columbia.
The current members of GVC will become members of the Merged Credit Union. It is expected that members from both credit unions will ultimately benefit from the Merged Credit Union’s larger footprint in more communities.
All eligible deposits will continue to be guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
The Merged Credit Union will operate with greater scale and capacity, anchored in cooperative values and committed to highly personalized service and meaningful community impact.
Branches, Products and Services
GVC and Cascadia offer a similar suite of products and services. If the proposed merger is approved, it is expected that most members will see minimal change in the short term. As the merger integration progresses, there will be opportunities to further strengthen member service and improve administrative processes.
If the proposed merger proceeds, Cascadia's branch network will expand to six full-service branches across British Columbia, supported by satellite locations in the Okanagan, the RCU Insurance office in Revelstoke, and the Cascadia contact centre. It is anticipated that GVC’s hours of operation, member service teams, and branch level service models will be maintained early in 2027, with a phased rebranding of GVC branches to Cascadia through 2027.
Merged Leadership and Governance Structure
Cascadia’s existing governance practices, processes, and policies will guide the Merged Credit Union.
Cascadia will temporarily expand its Board of Directors from 10 to 12 directors at the time of the effective date of the proposed merger to include two additional directors nominated by the GVC Board. The Cascadia Board will return to its standard size of 9 directors by the 2029 Annual General Meeting as the two nominee positions complete their terms. The two former GVC directors will remain eligible to stand for election to any open seat in accordance with Cascadia’s Rules.
The Chief Executive Officer (CEO) of the Merged Credit Union will be Rich Harries, the current CEO of Cascadia.
The executive management structure of Cascadia will continue as it exists today, with Balbir Bains, the General Manager of GVC, joining the executive team of the Merged Credit Union as the President of Urban Operations.
