Originally published in the Calgary Herald on Nov. 26, 2024.
What do you get when two of Alberta’s largest credit unions join forces? A powerhouse financial institution that can offer sophisticated products and services to its members while remaining true to its co-operative values and community-first principles, says Ian Burns, president and chief executive officer of Connect First and Servus Credit Union (CFSCU).
The new enterprise was created earlier this year with the merger of Calgary’s largest credit union, connectFirst Credit Union, and Servus, Alberta’s biggest credit union.
“The reason behind the merger is to build a co-operative financial institution that has the scale needed to compete with the big banks,” says Burns.
Burns speaks from deep experience in Alberta’s credit union system, having previously worked on its regulatory side at Alberta Central and as the CEO of Servus in the lead-up to the merger.
“I have a clear vision for the future.” That “vision” is creating one of the largest and most innovative credit unions in Canada that can meet the needs of its more than 500,000 members and all Albertans.
“It’s about providing the products, services, core banking systems and technologies to serve our members today and into the future as their needs and expectations evolve,” he says, noting the new credit union’s larger footprint will reduce administrative costs for members.
And cost does matter, given that credit unions are co-operatives, meaning that customers — or members — are the owners. On that front, members receive profits back annually. In 2023, for instance, connectFirst paid their members more than $26 million and Servus paid their members more than $68 million.
“That’s a pretty powerful reason to become a member in and of itself,” Burns says. “Our unique approach to sharing our profits allows our members to keep more of their hard-earned money. This is what sets us apart from the big banks. It truly is one of the credit union differences and a main reason why I think more Albertans should benefit from our cooperative system.”
Being Alberta-based and owned by its members, including its employees, also means that CFSCU is uniquely positioned to serve Albertans.
“We understand our economy, the industries that operate in Alberta, and our local members better than other financial institutions that are headquartered in Toronto.”
The merger also means members have more choice where to do their banking.
In addition to its online services, CFSCU now has more than 140 branches, including 28 in Calgary, where members can receive face-to-face personal, business and wealth management advice and services.
“Building long-term, meaningful connections with our members allows us to truly understand them so that we can work together to help them meet their financial goals,” says Burns. "We're deeply rooted in this province, and we believe in its future.”
This feature was created by Content Works, Postmedia’s commercial content division, on behalf of Calgary Economic Development.