G&F and Mount Lehman Credit Union Merger Discussion

Sizing Up for the Future – Mount Lehman Credit Union and G&F Financial Group in merger discussions

Mount Lehman Credit Union and G&F Financial Group are pleased to announce they have engaged in merger discussions. Mount Lehman Credit Union was seeking a like-minded and trusted merger partner to serve their membership, and after an extensive search, they found a partner in G&F. By connecting and working together, the credit union will better serve their collective membership, employees and communities, through scale and combined resources.

The two credit unions serve similar markets in the Lower Mainland. In addition to providing expert advice, G&F will be able to offer Mount Lehman Credit Union members increased products and services such as Apple Pay, Samsung Pay, Google Pay, updated digital tools for online and mobile banking, mobile services for mortgages, investments, retirement planning, business and insurance. Both credit unions are committed to providing continued value to members built on trust and relationships.

Cooperation among cooperatives is one of the seven Cooperative Principles and a core value at G&F. Working together to create scale to better serve members, employees and local communities is important, to better compete in the growing and fast evolving financial services space, where size is becoming more and more important. Many credit unions across the country are realizing the benefits of connecting through a merger.

After receiving a positive membership vote by Aldergrove Credit Union members, G&F Financial Group and Aldergrove Credit Union merged on August 1, 2021. G&F Financial Group and V.P. Credit Union, a local credit union based in Vancouver, are also engaged in merger discussions. Read more.

The combined organization (G&F Financial Group, Aldergrove Credit Union, Mount Lehman Credit Union, V.P. Credit Union) will operate under the legal name Gulf and Fraser Fishermen’s Credit Union, doing business as G&F Financial Group, and would provide a network of 28 branch locations and 4 insurance locations, to a combined membership of over 58,000, spanning across Lower Mainland communities from Vancouver, Richmond, Burnaby, New Westminster, Port Coquitlam, Surrey, Langley, Aldergrove, Abbotsford and Mission.

Benefits of the Merger

Our employees and members will experience many benefits through the merger, some of which include:

  • Financially stronger, we will have more resources to invest in our future
  • A larger pool of assets will allow for greater and faster expansion of services to members and communities
  • Ability for greater investment in areas such as digital and community
  • More career opportunities for employees within a larger organization

About G&F Financial Group

With over 52,000 members, 24 locations and $4 billion in total assets under administration, G&F Financial Group proudly provides a full range of personal and business banking, investment and insurance solutions to their credit union members.  With a passion for educating and empowerijng others to achieve their financial goals, they focus on providing advise tailored uniquely for each member and have support3ed members and invested in their local communities for 80 years.  www.gffg.com

Contact

We want to hear from you! Please connect with us with your comments and questionsRead our full press release 

 

Frequently Asked Questions 

Why a merger?

The merger of our credit unions will enable us to strengthen our combined resources creating opportunities to provide increased product offerings and specialized expertise to our members, as well as an engaging and exciting place for our employees to work and grow their careers. Combining resources will allow us to also make a greater impact in our local communities.

When will the merger take place?

There are many steps along the way to a successful merger including due diligence, regulatory consent and a positive membership vote. We hope to merge in early 2022.

How will this impact my branch and my banking?

Members should notice little change at the time of the initial merger to their branch and how they bank. Service will be the same across our increased network of locations. Our credit unions are committed to maintaining the level of

Will there be a change to my account/products?

Members of the merged credit union will keep their current products, accounts and other financial services. A merger presents an excellent opportunity to review the different accounts offered by each credit union and determine best options. Over time, we will evaluate our products and services to ensure they meet the needs of members. 

Will there be impact to employees?

For employees, in addition to being part of building something exciting, there will be greater resources as our credit unions come together, more career and professional development opportunities in our larger, merged credit union. The opportunity to cross-train in other positions, expanded geographic footprint to work in, as well as other professional training and development, will remain a focus. 

Will there be changes to leadership?

Our new credit union will maintain a Co-CEO structure, with current G&F Co-CEOs, Bill Kiss and Jeff Shewfelt assuming the roles of Co-CEO.

Will there be changes to the Board?

The G&F Board of Directors will form the Board of the merged credit union following the merger.