Compensation Employees Credit Union and Beem Credit Union Announce Proposed Merger
February 24, 2025 – Beem Credit Union and Compensation Employees Credit Union are excited to announce they’ve entered into merger discussions.
After thoroughly reviewing the opportunity, both boards have put their unanimous support behind this proposed merger. On February 14, an application was submitted to BC Financial Services Authority (BCFSA) for consent to put the proposal forward to a CECU member vote.
“United we’re stronger, and able to do even more for our members and communities,” said Breanna Gregerson, Chair of the Board at CECU. “This merger is a significant step forward for CECU, providing enhanced member services, greater financial stability, and more opportunities for our employees. Together, we will build a stronger, more resilient credit union that continues to prioritize the needs and aspirations of our members.”
Operating together under the Beem banner, the credit union will provide a network 66 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 BC.
“Over the past seven decades, our two credit unions have grown and adapted through significant periods of change to where we are today, all the while remaining steadfast to our commitment of putting people and community at the heart of everything we do,” said Doug Sweeting, Board Chair of Beem Credit Union. “This proposed merger is the next step – combining values-aligned credit unions to provide mutual benefits.”
Should the BCFSA provide consent, CECU members will then vote on the proposed merger.
About the Credit Unions
Beem Credit Union (Beem)
Beem is a new credit union with a history that extends back more than eight decades, when its founding credit unions were formed.. Rising to the rapidly evolving challenges of the financial services industry and inspired by cooperative values, our founding credit unions recognized that we can do more together. Beem means light. It means energy. It means a brighter financial future. United as Beem, we are combining our strengths to better serve our members. Beem is one of BC’s largest provincially regulated credit unions, supporting the financial wellness of 190,000 members from 66 branches across the province with $17 billion in assets. Learn more about our journey to build Beem Credit Union at beemcreditunion.ca.
Compensation Employes Credit Union (CECU)
CECU has been serving employees of WorkSafeBC and their families for over 70 years. The credit union prides itself on delivering friendly, professional service, offering competitive products and caring about and meeting the needs of its members. CECU is dedicated to giving back to its community and members through meaningful initiatives and member dividends.
Learn More: https://www.togetherwearebetter.ca/