Alberta’s Minister of Finance, the Honourable Nate Horner, officially approved ABCU’s application to seek federal continuance. This decision solidifies ABCU’s move to become federally regulated, followed by an immediate amalgamation with Innovation Federal Credit Union (Innovation).
This milestone follows an unprecedented 96%-member approval by ABCU voting members during a Special General Meeting held on June 25, 2025, where ABCU members overwhelmingly endorsed the strategic move aimed at modernizing services and expanding interprovincial reach. Furthermore, 82% of Innovation voting members expressed their support for the amalgamation during Innovation’s Annual General Meeting held on June 26, 2025.
In July 2025, the Credit Union Deposit Guarantee Corporation (Corporation) reviewed the Credit Union’s business case for federal continuance and included it in the Corporation’s recommendation to the Treasury Board and Finance for their approval of ABCU’s application.
"Over the last two years, we’ve worked tirelessly with members, regulators, and stakeholders to shape a vision for a more integrated, resilient credit union,” said Richard Colwell, Board Chair of ABCU. “Today’s milestone reflects that dedication. The excitement among our leadership and membership is tangible—this merger isn't just a transition; it's a leap forward into the future of cooperative banking in Canada."
This merger, once approved, will represent the first interprovincial credit union amalgamation in Canadian history, setting the stage for future collaborations across provincial borders. The newly integrated entity, operating under Innovation Federal Credit Union, will deliver enhanced digital services, streamlined lending platforms, and a wider community outreach to members in Alberta and beyond.
The merger now awaits approval from the Office of the Superintendent of Financial Institutions (OSFI) and final authorization from Canada’s Federal Minister of Finance.