Cascadia Credit Union considering merger with Vancouver cooperative
Published 12:11 pm Monday, May 4, 2026
A nascent credit union representing longstanding branches in Revelstoke, Summerland and Osoyoos says it’s considering a potential merger with another cooperative in Vancouver.
Cascadia Credit Union, which on July 1, 2025, merged the locally owned Revelstoke, Summerland and Osoyoos credit unions, announced this Wednesday, April 29, that it’s entered a memorandum of understanding with the Greater Vancouver Community Credit Union (GVC) to explore joining forces.
The intent for both credit union cooperatives, according to a release, is to better serve members, staff and communities across their regions.
Their operations are regulated by the BC Financial Services Authority, and their branches provide financial services such as savings accounts, loans, mortgages, insurance and investment support. Anyone who holds equity shares is considered a member.
Revelstoke Credit Union had previously operated independently since 1953 and was reaching approximately 3,800 members, while Summerland’s and Osoyoos’ credit unions opened back in the 1940s. Last spring, 90 per cent of members voting from the three organizations cast their ballot in favour of a joint venture.
Cascadia now reaches some 16,000 members across the Columbia-Shuswap and Southern Interior regions, employs more than 100 staff and manages $1.1 billion in assets. It also runs three cashless satellite branches in Keremeos, Oliver and Rock Creek.
READ: Revelstoke, Osoyoos, Summerland credit unions vote in favour of merger
Potentially combining with GVC, it would operate six branches and serve more than 20,000 members, totaling more than $1.3 billion in assets. GVC is a smaller operation that currently has 4,000 members, 37 employees and $211 million in assets split between three branches in Vancouver, Burnaby and Surrey.
Board of directors chair Shaun Olafson said in the release that his credit union “will explore whether a potential merger with Cascadia Credit Union will create a stronger credit union that can provide enhanced services and financial advice to all of our members for many years to come.”
Weighing the benefits and risks, they’ll consider whether teaming up would improve service delivery, make operations more efficient, strengthen development pathways for staff, and increase capacity for investing in their member communities.
Connie Denesiuk, who chairs Cascadia’s board of directors, added that there’s interest in exploring this merger so the two credit unions can better innovate, meet evolving member needs, keep pace with changing technology and navigate economic uncertainty.
If findings through this new memorandum of understanding support going ahead with a merger, Cascadia and GVC say the next steps would be a regulatory application and consultation with members.
A members’ vote would ultimately follow, slated for fall 2026.
Cascadia CEO Kelly Marshall told Black Press Media by email that the current environment for Canadian financial institutions “demands change,” but that discussions with GVC remain in the early stages.
“No decisions have been made, and any path forward requires full due diligence, a clear business case, member engagement and regulatory approval,” Marshall said.
“We are very mindful of pace, particularly following the formation of Cascadia, and any consideration will be grounded in the potential for strengthening service and expanding access for members, while maintaining our local presence in Revelstoke, Osoyoos, and Summerland.”