One of B.C's biggest credit unions could soon be getting bigger.
Vancouver City Savings Credit Union and First Credit Union announced Thursday the two intend to explore a merger.
The press release said First Credit Union members and employees, which are primarily located in smaller communities across B.C.’s coast, will be able to access Vancity’s network of more than 50 branches in the Lower Mainland and Victoria.
Vancity serves 570,000 members and manages $36 billion in assets.
The Royal Bank of Canada (TSX:RY) closed a deal last year to acquire Vancouver-based for $13.5 billion – one of the biggest banking deals in Canadian history.
With files from Glen Korstrom
(Editors Note: On Mar. 3, changes were made to the headline and lead of this story to better reflect the size of the credit unions).
