July 7, 2008 

First Calgary Savings and Credit Union, Envision Financial and Valley First Credit Union are in talks to closely align themselves and create a $7 billion financial services organization.
The three organizations do not plan to merge, but  will create an organization that will allow each to retain its local identity, community focus and local decision-making. It would represent the largest interprovincial credit union network in Canada.
"We are moving quickly to stay ahead of the curve to make sure we stay relevant," said Harley Biddlecombe, president and chief executive of Penticton, B.C.-based Valley First.
"This partnership holds tremendous potential for our organizations, as well as for our member-owners," added Dave Gregory, First Calgary Savings' president and chief executive officer.
"Our member-owners have been telling us that they value expanded service locations, but still want us to act locally and maintain our community focus. This partnership does just that," Gregory added.
Together, the network would manage more than $7.4 billion in assets, employ more than 1,625 people and have a membership base of approximately 265,000 people in two provinces. The partnership would serve its members from more than 52 branches, 28 insurance offices and 39 financial planning centres.
First Calgary Savings and 19-branch, Langley, B.C.-based Envision Financial have already achieved a high level of co-operation since starting to work together in 2004. Since then, the two credit unions have built a joint executive team, moved to a common banking system provider and now share several corporate services, including technology, marketing, communications and human resources functions.
Envision's chief executive, Gord Huston, said the new combination would be a new step for the Canadian financial services industry.
The partnership  would unify some of the back-office services, such as IT management, human resources and marketing.
This would allow each financial institution to retain its local leadership while reducing costs.
Customers would benefit from having access to the same services and products in Alberta as well as in much of B.C.
One hurdle preventing an outright merger is the fact the credit unions operate in different provincial jurisdictions.  A merger is possible eventually, depending on the provisions of the Trade, Investment and Labour Mobility Agreement between Alberta and B.C. that will come into effect in April 2009.