The members of Canada Safeway Limited Employees Savings & Credit Union (Safeway Credit Union) voted unanimously in favour of amalgamation with Servus Credit Union at the Annual General Meeting on February 13, 2018.
The results of the Safeway member vote and the Amalgamation Agreement between Safeway and Servus will be sent to the provincial regulator and Minister of Finance for approval. If approved the amalgamation will take effect on June 1, 2018 and the new organization will operate as Servus Credit Union.
Safeway was formed in 1952 as a closed bond credit union to serve the needs of Safeway employees in the Calgary area. In the years since incorporation, membership in the credit union has expanded beyond Calgary to include the entire province of Alberta, with the majority of members domiciled in Calgary. Safeway has about 3500 members and $46 million in assets. Servus, based in Edmonton, has about 370,000 members and more than $15 billion in assets.
The Safeway Credit Union 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 Safeway members and employees. 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 Safeway will substantially advance Servus's Calgary expansion plans, which also include a recent merger with Inglewood Credit Union of Calgary and a new branch opening in February 2018.
For more information contact:
Safeway Credit Union
Servus Credit Union