BlueShore Financial Members and Shareholders Vote in Favour of Merger
On January 1, 2025, BlueShore Financial will join Beem Credit Union,
forming one of the largest provincially regulated credit unions in BC
BlueShore Financial members and shareholders have 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
The merger will see BlueShore Financial joining Beem Credit Union to build together 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.
“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.
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 will provide 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 will be 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.
BlueShore Financial had promised to donate $2 per applicable vote to BC Children’s Hospital, and Beem has said it will match the donation, so we’re pleased to announce that a donation of $20,000 will be made to this worthy cause.
For Holders of Class C Investment Equity Shares of BlueShore Financial Credit Union
Notice of Right to Redeem Class C Investment Equity Shares
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 will acquire all assets and assume all liabilities of BlueShore Financial CU as of January 1, 2025 and Beem will operate 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”) will be automatically exchanged for Class “C” Investment Equity Shares of Beem.
No action required if you do not want to redeem your C Shares
No action on your part is required if you prefer to have your C Shares exchanged for Class “C” Investment Equity Shares of Beem.
Your redemption right as a holder of C Shares
According to section 24 of the Credit Union Incorporation Act (B.C.), as a result of the merger, if you do not wish for your C Shares to be exchanged for shares of Beem, you have the option to redeem all of your C Shares.
How to exercise your redemption right
If you wish to redeem your C Shares, complete and deliver the Notice of Redemption form by January 15, 2025 to:
Beem Credit Union
Attention: Redemptions
300 – 678 Bernard Avenue
Kelowna, BC V1Y 6P3
You can also drop off the form at any branch of BlueShore Financial or email to: redemptions@blueshorefinancial.com. We encourage you to drop off or email your Notice of Redemption to ensure Beem receives your notice within the deadline, particularly if the Canada Post strike is ongoing.
Redemption amount
C Shares will be redeemed at the par value of $1.00 per share, plus any declared but unpaid dividends on the shares. If you elect to redeem your C Shares, you must redeem all of your C Shares.
Where redemption funds will be deposited
If you hold C Shares in a non-registered account, the proceeds will be deposited into a chequing or savings account with BlueShore Financial, a division of Beem, by the end of January 2025.
If you hold C Shares in a registered account (e.g. RRSP, RRIF or TFSA), the proceeds will be deposited to a registered account under the same plan.
No tax advice provided
We recommend you consult with your tax advisors with respect to any tax implications related to the share redemption.
What will the dividend rate be on Beem’s Class “C” Investment Equity Shares
Beem is expected to adopt BlueShore Financial’s quarterly dividend process for its Class "C" Investment Equity Shares, subject to Board approval. Historically, Beem and its legacy credit unions have paid dividends on member shares and investment equity shares at similar levels as BlueShore Financial.
Contact Us
If you have any questions about redeeming your C Shares, 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
By merging, BlueShore Financial and Beem can leverage 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:
With assets under administration of $17 billion, creating one of the largest provincially regulated credit unions in Canada, we expect the merged credit union will have the scale to be more sustainable, competitive, and innovative, and be better able to invest in technology, products and services that benefit members.
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.
Competitive personal, business, commercial, insurance, and wealth management solutions and advice.
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.
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’s history extends back more than eight decades, when its founding credit unions—Interior Savings Credit Union (“Interior Savings”) and Gulf and Fraser Fishermen’s Credit Union (“Gulf & Fraser”)—were formed. From its inception, the credit union has grown organically and through mergers to become the strong and thriving co-operative that it is today. With 160,000 members, 54 locations, and $10 billion in assets under administration, Beem focuses on providing advice tailored for each member and a full range of personal and business banking, investment, and insurance solutions.
Beem has a long history of supporting the communities that it serves through donations, sponsorships, employee volunteer programs, and many grant and sponsorship programs.