Servus Credit Union and the Inglewood Credit Union Board of Directors are pleased to announce that the Inglewood Board has selected Servus Credit Union as a potential merger partner.
Inglewood Credit Union, like Servus, was formed in 1938. Both credit unions share a rich tradition of member service based on cooperative values. Inglewood, based in Calgary, has about 900 members and $22 million in assets. Servus, based in Edmonton, has about 390,000 members and almost $15 billion in assets.
The Inglewood Board of Directors and management team were looking to meet the long term needs of their members. They determined that their members would be best served by partnering with another credit union and conducted a thorough process of discovery to identify a preferred partner. The Inglewood Board selected Servus Credit Union as a potential partner based on strong alignment of culture, goals and objectives, and the benefits Servus can provide to Inglewood members, community and staff.
Servus is seeking to grow market share, particularly in Calgary. If approved, a merger with Inglewood will substantially advance Servus's Calgary expansion plans.
The proposed merger must be approved by Inglewood members and the provincial regulator. Servus members are not required to vote on the merger. Further information will be provided as details are confirmed.