Chinook Credit Union merges with First Calgary Financial

Times Contributor      

 

The new collaboration of First Calgary Financial and the Chinook Credit Union is set to do business in a new way. By joining forces at the corporate level, the two banks will merge boards and administration, but keep the local branding separate. This move will share the best of both banks and give them a competition sledge hammer to deliver the best service possible to their customers for dollars spent.

First Calgary Financial has the distinction of being named one of the Top 50 best managed companies in Canada. Those skills will come into play with a rework to the new corporate structure. 

“We felt it was time to explore what further benefits we could provide to our members and employees, through learning more about each other’s organizations and potentially areas where we can further collaborate,” said Paul Kelly, President and Chief Executive Officer (CEO) of First Calgary Financial. 

Chinook Credit Union President and CEO Tom Mossing wanted customers to know that the corporate office may change, but customers will see little change in their branch services, with service delivered in the same manner that they have grown to expect.

“Both our credit unions share a rich 75-year history in Southern Alberta,” said Tom Mossing.

First Calgary Financials history is shared in their corporate write-up when they tell the story of their first loan going out in 1938. It was $50 lent to a Calgary family, so they could buy a washing machine. Chinook Credit Union began in Brooks, with 33 people giving $1 each to start Brooks Savings and Credit Union. It was 1941 and finances were tight, but the bank flourished in fat and lean times, expanding to several branches. 

Both companies have active community programs and that investment will also continue. Mossing said the credit unions’ relationship with rural communities and agricultural support will remain a focus for the company.

Mossing said customers can look forward to some new services and programs. He expects they will be happy to gain access to banking facilities in Calgary, which will add banking convenience. 

On the downside, he anticipates there may be some employee shifting at upper management levels, but he said every effort would be taken to ensure uprooted employees are moved into other available positions. 

He said the move was not due to any financial difficulties either bank was experiencing, but considers the merger beneficial to both banks’ long term goals, with the consolidated membership giving both companies the leveraging ability their combined $4 billion in assets will lend. The collaboration will boost the membership to more than 90,000 and increase branches to 27, located in 14 communities across Alberta. 

The marriage will be completed Nov. 1, pending approvals of the membership and regulatory bodies.