The North Shore-based BlueShore Financial will soon be a name of the past, after members voted to merge their institution with Beem Credit Union.
According to a release from BlueShore, 70.1 per cent of Class A membership equity shareholders and 74.9 per cent Class C investment equity shareholders voted in favour of the merger between Nov. 25 and Dec. 3.
The combination of the two credit unions will make Beem one of the largest credit unions in B.C.
“By joining forces with Beem Credit Union, we are pleased to offer our members an expanded network of branches for personalized service across the province. This partnership allows us to invest more resources in digital services, provide ongoing training and career development for our employees, and increase our investment in the communities we serve,” said Ian Thomas, CEO of BlueShore Financial in a release.
As of Jan. 1, BlueShore Financial will officially become “a division” of Beem, with a full merger expected to roll out over the next 18 months. The company says North Shore clients shouldn’t notice any disruptions in their usual banking services.
The North Shore Credit Union was established in 1941 by 10 deep sea fishermen, city clerks and shipbuilders with a combined $10 in capital. At the time, blue collar workers had few financial options. In 2013, the credit union rebranded as BlueShore Financial. Today, BlueShore manages $7.4 billion in assets.
The merged credit union will provide a network of 66 personal and business banking branches, along with insurance offices, to approximately 190,000 members throughout Metro Vancouver, the Sea-to-Sky Corridor, the Fraser Valley, the Interior, and into Northern B.C. Combined total assets under administration will be approximately $17 billion.
Merger talks between the two credit unions began earlier in 2024. The BC Financial Services Authority gave approval for the merger in October, paving the way for the shareholder votes.
“We are grateful for the members’ confidence in us and look forward to what we will accomplish together, taking all that is great about our two credit unions and making it even better. Together we can go farther and faster,” said Beem president and CEO Brian Harris.
To mark the merger, BlueShore Financial is donating $2 per vote to BC Children’s Hospital, which Beem has matched for a total of $20,000.
