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Members of Alberta’s three largest credit unions have voted overwhelmingly in favor of a merger:
+ Servus [ 60 branches | 195,000 members | $4.75 billion | 900 employees ]
+ Community Savings [ 30 branches | 110,000 members | $2.5 billion | 640 employees ]
+ Common Wealth [ 15 branches | 52,000 members | $1.5 billion | 300 employees ]
The new $9 billion credit union will be the third largest in Canada, with almost 400,000 members, 2,000 employees and 100 branch locations.
But the merger leaves one big question: What will the name of the new organization be?
The safe money is on ‘Servus’ because it represents over half the deal. When one of the organizations is much larger, it is usually their name that prevails. But it’s no sure thing.
As of now, the newly-merged entity hasn’t decided anything. According to this article, “The board will undertake a name selection and branding strategy review prior to registering the Articles of Incorporation November 1, 2008.”
It’s usually a little easier when only two firms merge. Quite often the two firms simply mashup their two names, like ‘AOL Time Warner.’ But you can’t do that here (‘Servus Community Wealth Credit Union’).
Key Question: Will the credit union give members a voice and invite their participation in the selection of the new name?
Tip of the Hat: Three organizations merging at one time is rare. It almost never happens, and not just in the credit union industry — any industry. But if anyone anywhere can find a way to do it, it’s those affable Canadians.