Calgary, AB — On May 26, 2021, following approval from The Credit Union Deposit Guarantee Corporation (CUDGC), Spark The Energy Credit Union Limited (SPARK) and Connect First Credit Union Ltd. (connectFirst) announced they are one step closer to merger.
With this approval, the appropriate documentation will be shared with Alberta Finance for review and subsequent issuance of the Amalgamation Certificate. This is the final step in regulatory approval process for an amalgamation effective November 1st, 2021.
“Serving our members’ financial needs remains our top priority”, says Badriea Taha, President and CEO of SPARK. “We are excited about this next step, and the future opportunities for our members as we merge with connectFirst.”
“We’re looking forward to joining forces with SPARK and continuing to build on the experience we are able to provide for our members,” said Paul Kelly, CEO of connectFirst, “these are exciting times ahead.”
When merged, SPARK and connectFirst will serve approximately 130,000 members in 44 different communities in Alberta and employ almost 750 Albertans. The amalgamated credit union will operate under the legal name of Connect First Credit Union Ltd. and with approximately $6 billion in assets, it will be one of Canada’s largest credit unions.
About connectFirst Credit Union
connectFirst Credit Union, one of the largest and most successful credit unions in Canada, is a full-service financial institution with over $6 billion in assets under administration. connectFirst employs 750 Albertans who provide a range of financial products and advice in more than 40 communities across central and southern Alberta. It serves 128,000 members through a community-focused approach to banking.
About Spark The Energy Credit Union Limited
SPARK has been helping Albertans with their financial needs for over 67 years and offers a full array of banking, investment and lending products. SPARK serves over 5,000 members through their main branch in downtown Calgary and an office in Fort Saskatchewan. Between the two locations there are over 30 full time employees.