BlueShore Financial Members and Shareholders Vote in Favour of Merger
On January 1, 2025, BlueShore Financial merged with Beem Credit Union,
forming one of the largest provincially regulated credit unions in BC
BlueShore Financial members and shareholders voted in favour of joining Beem Credit Union, effective January 1, 2025. The vote was held between November 25 and December 3, 2024. A YES vote required 66.67% approval from both Class A Membership Equity Shares holders and Class C Investment Equity Shares holders who voted on the applicable resolutions, and the results were as follows:
- 3,522 Class A shareholders voted on the Special Resolution
- 721 Class C shareholders voted on the Separate Resolution
- 70.10% of voting Class A shareholders voted in favour of the proposed merger
- 74.9% of voting Class C shareholders voted in favour of the proposed merger
Operating as Beem Credit Union, we will build the broadest credit union branch network in BC with the resources and scale to do even more for members, employees, and communities within an increasingly competitive landscape.
The combined credit union will operate under the legal name of Beem Credit Union, with an expected 18-month transition period during which BlueShore Financial will operate as “a division of Beem Credit Union.”
The merged credit union provides a network of 66 branches, along with insurance offices, to approximately 190,000 members throughout Greater Vancouver, the Sea-to-Sky Corridor, the Fraser Valley, the Interior, and into Northern BC. Combined total assets under administration are approximately $17 billion.
Merger talks between the two credit unions began earlier in 2024. With approval from both Boards of Directors, a business case was filed in August 2024 with BC Financial Services Authority (BCFSA). In October, the Superintendent provided consent, which then led to a member and shareholder vote.
Brian Harris, President and CEO of Beem Credit Union, adds, “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.”
While integration planning is underway, members will notice few changes to their banking and can continue to bank as they normally would. As the credit unions integrate operations, they will keep members informed and minimize disruption.
For Holders of Class C Investment Equity Shares of BlueShore Financial Credit Union
BlueShore Financial Credit Union (“BlueShore Financial CU”) received the required number of votes to proceed with the merger with Beem Credit Union (“Beem”). As a result, Beem acquired all assets and assumed all liabilities of BlueShore Financial CU as of January 1, 2025 and Beem operates BlueShore Financial branches under the trade name “BlueShore Financial”, as a division of Beem. All issued and outstanding Class C Investment Equity Shares of BlueShore Financial CU (“C Shares”) were automatically exchanged for Class “C” Investment Equity Shares of Beem.
What will the dividend rate be on Beem’s Class “C” Investment Equity Shares
The Beem Board of Directors has approved the adoption of BlueShore Financial’s quarterly dividend process for its Class "C" Investment Equity Shares.
Contact Us
If you have any questions, please contact your Advisor, call our Solutions Centre at 604-982-8000 (toll-free 1-800-713-6728) or email us at redemptions@blueshorefinancial.com.
Benefits of the merger
Through merging, BlueShore Financial and Beem are leveraging their collective strengths to provide greater opportunities for employees, members and communities.
The merged credit union is committed to providing members with the same high-quality, personal advice that they receive today, and is expected to benefit members and communities through:
Competitive personal, business, commercial, insurance, and wealth management solutions and advice.
Sixty-six branches, along with insurance offices, throughout Greater Vancouver, the Sea-to-Sky Corridor, the Fraser Valley and the Interior, and into Northern BC, which will allow members to do their banking wherever it is most convenient for them.
More support for local communities through community impact councils, with a goal of investing $9.5 million over five years in community initiatives. By 2025, the merged credit union plans to establish community impact councils to enhance community investment and engagement.
Beem is a growing organization with an eye on the future. As such, we believe there will be opportunities for employees to grow a satisfying career there, including the ability to apply for roles in more locations across the province.
With assets of $17 billion, and as one of the largest provincially regulated credit unions in Canada, we expect to be more sustainable, competitive, and innovative, and be better able to invest in technology, products and services that benefit members.
BlueShore Financial
BlueShore Financial has been helping people achieve financial wellness for 83 years and today, it is one of the largest credit unions in British Columbia. With a branch network spanning the Lower Mainland and Sea-to-Sky Corridor, BlueShore Financial offers members expert advice and a full range of personal and business banking, wealth management, insurance and commercial lending solutions. With $5.7 billion in total assets on balance sheet and $1.8 billion assets in wealth management, BlueShore Financial is consistently ranked among the top 10 financial planning firms in Metro Vancouver.
BlueShore Financial believes in making a meaningful impact by contributing to the communities it serves through sponsorships, donations, financial literacy programs, and community partnerships.
Beem Credit Union
Beem is a new credit union with 80 years of history. 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. As of January 1, 2025, Beem is one of BC’s largest provincially regulated credit unions, supporting the financial wellness of 193,000 members from 66 branches across the province with $17 billion in assets under administration. Learn more about our journey at www.beemcreditunion.ca.