Remote video URL
The financial services industry in Canada is evolving rapidly. The need for digital transformation is becoming a priority with the implementation of open banking, and as members increasingly choose online or mobile banking over traditional branch-based banking. As well, new competitors, payment modernization, and increasingly complex and costly regulatory and compliance requirements have created challenges for credit unions of all sizes.
By leveraging the two credit unions’ combined expertise and scale, the Boards and CEOs of Beem and BlueShore Financial expect to create a strong and sustainable credit union for generations to come, one that’s well-positioned to respond to new opportunities and challenges.
Coming together now provides a timely opportunity to leverage and build upon the strengths of both credit unions as Beem builds and executes its strategy.
The merger will create a wide network of 66 branches—along with insurance offices. In time, this will allow members to do their banking wherever it is most convenient for them.
It is intended that the existing branches of BlueShore Financial and Beem will continue to operate for at least 18 months after the January 1, 2025 merger. One of the many benefits of bringing our two credit unions together is that there is minimal overlap in our branch network and, in fact, our networks combine very well to give members broader access across the province. Future branch location decisions will align with the overall real estate strategy and brand transition plan.
At the time of the merger, you’ll notice little change to your banking, and you can continue to bank as you normally would. You will retain your products, accounts and other financial services unless you choose otherwise. Over time, we will be looking to align to have the best possible member offering.
In time, BlueShore Financial and Beem’s banking systems will be aligned, and when that happens, members will be given ample notice, and measures will be taken to mitigate any potential disruptions to service.
Members choose to do their banking with BlueShore Financial and Beem for a number of reasons, including valuing what we offer in products and rates. With this in mind, we regularly review our offering to ensure we are competitive, fair and fiscally prudent. As a merged credit union, it will be no different from what we do today.
We expect that as a merged credit union, we’ll be able to provide greater options than we can offer today, and that the merged credit union will be more resilient to the challenges facing our sector.
You will continue to enjoy the 100% guarantee with respect to your deposits through the Credit Union Deposit Insurance Corporation of British Columbia.
For the initial period following the merger, you should notice little change to your branch and how you bank. You will not need to change anything, and your direct deposit and other arrangements will continue to function as you expect.
In time, BlueShore Financial and Beem’s banking systems will be aligned, and when that happens, members will be given ample notice, and measures will be taken to mitigate any potential disruptions to service.
The merger will not affect your mortgage.
The merged credit union is committed to providing members with the same high-quality, personal service that they receive today. At the time of the merger, members will notice little change to their banking and can continue to bank as they normally would.
Over time, systems and operations will be integrated so members have more products and services available to them. The merger will create a wide network of 66 branches—along with insurance offices—throughout Greater Vancouver, the Sea-to-Sky Corridor, the Fraser Valley and the Interior, and into Northern BC. The merged credit union expects to offer members personal, business, commercial, insurance, and wealth management solutions and advice.
As of January 1, 2025, the former branches of BlueShore Financial will operate under the name “BlueShore Financial, a division of Beem Credit Union.” BlueShore Financial’s brand and operations will continue as a division of Beem for a transition period of at least 18 months.
Following the merger, you can expect to be served by the same smiling faces you’ve come to know. We are committed to offering exceptional service to our members. During the integration process, we’ll develop a plan to enhance member experiences. The plan will include employee training programs to ensure employees are empowered to deliver the personalized service you have come to expect, whether you choose to bank online or in-branch.
At the time of the merger, you’ll notice little change to your banking, and you can continue to bank as you normally would. In early 2025, we expect members will be able to visit any Beem or BlueShore Financial branch for support with select transactions. By mid-2026, as we align our systems, members should receive a full-service experience at any Beem branch in British Columbia and will begin to see additional benefits from a greater selection of innovative products and services. Members can already use both BlueShore Financial and Beem’s ATM machines.
With pooled resources, we believe the merged credit union will have an opportunity to have a greater impact in our communities. Beem is committed to a future where financial wellness is achievable by all. By 2025, it plans to establish community impact councils to enhance community investment and engagement, with a goal of investing $9.5 million over five years in community initiatives.
Beem’s vision is a future where financial wellness can be achieved by all.
Beem’s governance model maintains community-driven leadership, decision making, and connection. The new board will have representation from both credit unions, as well as community impact councils that will act as advisors to the board and represent the interests of their respective communities.
This merger is about staying true to our co-operative values and growing in a way to remain sustainable for generations to come—this includes maintaining a strong connection to our local communities where we started, and where we have grown in the decades since.
At the time of the merger, you’ll notice little change to your banking, and you can continue to bank as you normally would. We anticipate that by mid-2026, as we align our systems, members will be able to bank at any Beem branch in British Columbia and will begin to see additional benefits from a greater selection of innovative products and services.