ABCU and Innovation’s Boards Approve Business Case to Pursue Merger

ABCU Credit Union (ABCU) and Innovation Federal Credit Union (Innovation) are pleased to announce that their respective Boards of Directors have approved the business case to apply for regulatory approval of a merger. This ground-breaking partnership would be the first-ever interprovincial merger in the Canadian credit union system, creating a federal credit union with over $5.2 billion in assets and approximately 70,000 members across Canada.

The approval follows a Memorandum of Understanding signed by both credit unions in December 2023, which allowed them to explore the potential benefits and feasibility of a merger. The approval of the business case by both Boards in June 2024 is only one step of many and allows the credit unions to seek the various regulatory approvals to proceed with a member vote on the merger. If approved, step two would involve both credit union memberships voting in favor of the merger for it to proceed.

“We are excited to take this next step in our journey to create a stronger, more resilient, and more competitive credit union for our members,” said ABCU’s Board Chair, Richard Colwell. “By joining forces with Innovation, we will be able to offer more products and services, enhance our digital capabilities, and expand our presence across Canada.”

“Innovation is thrilled to partner with ABCU, a like-minded credit union that shares our passion for innovation and excellence,” said Innovation Board Chair Russ Siemens. “Together, we will leverage our strengths and expertise to deliver exceptional value and convenience to our members, while maintaining our local roots and community focus.”

View more information about the proposed merger, including FAQs.