The members of Inglewood Savings and Credit Union limited voted unanimously in favour of amalgamation with Servus Credit Union at a Special General Meeting on September 26, 2017.
The results of the Inglewood member vote and the Amalgamation Agreement between Inglewood and Servus will be sent to the provincial regulator and Minister of Finance for approval. If approved the amalgamation will take effect on March 1, 2018 and the new organization will operate as Servus Credit Union.
Inglewood Credit Union and Servus Credit Union were both 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 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 employee. Servus members were not required by legislation to vote on this amalgamation.
Servus is seeking to grow market share, particularly in Calgary. A merger with Inglewood will substantially advance Servus's Calgary expansion plans, which also include a possible merger with Safeway Credit Union of Calgary and a new branch opening in February 2018.