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Joining forces to serve together

V.P. Credit Union and G&F merged on January 1, 2022   

Welcome, V.P. Credit Union members!

On December 1, 2021 V.P. Credit Union members voted on the proposed merger with G&F Financial Group. The results show that 86% of voting members agree with joining forces to serve our collective membership, employees and communities through scale and combined resources. The merger came into effect January 1, 2022.

 

To our new members: when you visit your home branch in January, you’ll be able to request similar rates for loan and deposit products as those offered by G&F. You'll notice the name will change to V.P. Financial, which is an operating trade name of our legal name, Gulf and Fraser Fishermen's Credit Union. There won’t be any other significant changes in January.

Starting January 31, you can continue to visit your home branch, or choose from any of our 24 branches for most of your day-to-day banking.

Since there’s a lot of work to do in bringing our credit unions together, we ask for your patience and understanding as we work toward integrating your banking system with G&F’s system in the Fall of 2022.

If you need assistance, please call our Member Hub at 604-419-8888.

We look forward to serving you!



Why merge now?

V.P. Credit Union was seeking a like-minded and trusted merger partner to serve their membership in the law enforcement community and their families, and after an extensive search, they found a partner in G&F. By joining forces, the credit unions will better serve their collective membership, employees and communities, through scale and combined resources. 

The two credit unions serve similar markets in the Lower Mainland and already enjoy a collaborative partnership. G&F has provided V.P. Credit Union members with trusted wealth management advice for the past two years through a unique partnership. In addition to providing expert advice, G&F will be able to offer V.P. Credit Union members increased products and services such as Apple Pay, Samsung Pay, Google Pay, updated digital tools for online and mobile banking, mobile services for mortgages, investments, retirement planning, business and insurance. Both credit unions are committed to providing continued value to members built on trust and relationships.  

Cooperation among cooperatives is one of the seven Cooperative Principles and a core value at G&F. Working together to create scale to better serve members, employees and local communities is important, in order to better compete in the growing and fast evolving financial services space, where size is becoming more and more important. Many credit unions across the country are realizing the benefits of joining forces.

After receiving a positive membership vote by Aldergrove Credit Union members, a local credit union in the Fraser Valley, G&F Financial Group and Aldergrove Credit Union merged on August 1, 2021. Combined with V.P. Credit Union, the organization has over 200 years of experience serving the Lower Mainland and Fraser Valley, and operates under the legal name Gulf and Fraser Fishermen’s Credit Union, doing business as G&F Financial Group. The credit union will provide a network of 28 branch locations (with Guildford Branch opening in Spring) and four insurance locations, to a combined membership of over 57,000, spanning across Lower Mainland communities from Vancouver, Richmond, Burnaby, New Westminster, Port Coquitlam, Surrey, Langley, Aldergrove, Abbotsford and Mission.  

Timeline

October 19, 2021 - Our regulator, BC Financial Services Authority, gave consent to proceed with a member vote.

December 1, 2021 - V.P. Credit Union membership voted in favour of the merger.

January 1, 2022 - The merger took effect on the first day of 2022. V.P. Credit Union and G&F branches opened for business on Tuesday, January 4.

Benefits of the merger

Our employees and members will experience many benefits through the merger, some of which include:

  • Financially stronger, we will have more resources to invest in our future
  • A larger pool of assets will allow for greater and faster expansion of services to members and communities
  • Ability for greater investment in areas such as digital and community
  • More career opportunities for employees within a larger organization 

 


About V.P. Credit Union

V.P. Credit Union is a financial services cooperative that is owned by its membership. They continually strive to provide unique financial products and creative services to help their membership make their financial goals a reality while also making a positive impact within their community. They proudly serve members within law enforcement, transit police, border security and correctional services.  Click to view the V.P. Credit Union website.


We want to hear from you!

Connect with us with your comments and questions.

 

Frequently Asked Questions

Members should notice little change at the time of the initial merger to their branch and how they bank. Service will be the same across our increased network of locations. Our credit unions are committed to maintaining the level of personal service in our merged credit union that exists today.  

Since there’s a lot of work to do in bringing our credit unions together, we ask for your patience and understanding as we work toward integrating your banking system with G&F’s system in the Fall of 2022.

Members of the merged credit union will keep their current products, accounts and other financial services. A merger presents an excellent opportunity to review the different accounts offered by each credit union and determine best options. Over time, we will evaluate our products and services to ensure they meet the needs of members. 

For VP Credit Union employees, in addition to being part of building something exciting, there will be greater resources as our credit unions come together, more career and professional development opportunities in our larger, merged credit union. The opportunity to cross-train in other positions, expanded geographic footprint to work in, as well as other professional training and development, will remain a focus.   

Effective January 1, 2022, our combined credit union has maintained a Co-CEO structure, with current G&F Co-CEOs, Bill Kiss and Jeff Shewfelt assuming the roles of Co-CEO. Lydia Johnson, former General Manager and CEO at V.P. Credit Union, is serving as Special Advisor to the Co-CEOs during the merger transition and integration.  

The G&F Board of Directors forms the Board of the merged credit union effective January 1, 2022.