Credit unions seek federal continuance; Motus sale

Summary#

This Canada Gazette notice announces three planned banking changes: a proposed continuance and merger involving ABCU Credit Union Ltd. and Innovation Federal Credit Union; a planned continuance and merger among Coast Capital Savings Federal Credit Union, Prospera Credit Union, and Sunshine Coast Credit Union; and a proposed sale of most assets by Motus Bank to Coast Capital Savings Federal Credit Union together with an application by Motus to change its corporate status. Each item is a step toward moving some provincially incorporated credit unions or a bank into different federal arrangements under the Bank Act (Canada) or the Canada Business Corporations Act.

What it does#

• ABCU Credit Union Ltd. and Innovation Federal Credit Union

  • Plan to file, on or after August 18, 2025, to continue ABCU as a federal credit union under the Bank Act (Canada) and immediately amalgamate into one federal credit union called Innovation Federal Credit Union.
  • The merged entity’s head office would be in Swift Current, Saskatchewan.
  • The proposed effective date for the continuance and amalgamation is April 1, 2026 (or another date set in the letters patent).
  • People can object to the plan to the Office of the Superintendent of Financial Institutions by September 16, 2025.
  • The notice says publication is not proof the government will approve the change.

• Coast Capital Savings Federal Credit Union, Prospera Credit Union, and Sunshine Coast Credit Union

  • Prospera and Sunshine Coast intend to apply, on or after August 18, 2025, to become federal credit unions and then immediately amalgamate with Coast Capital.
  • The combined federal credit union would use the name Coast Capital Savings Federal Credit Union (English) and have its head office in Surrey, British Columbia. It would offer a full range of banking services.
  • The continuances and the amalgamation would take effect on the dates set in the letters patent. If one or both continuances do not happen, the amalgamation may not go ahead or may proceed partially.
  • Objections can be filed with the Office of the Superintendent of Financial Institutions by September 16, 2025.
  • The notice says final approval depends on the usual review and the Minister of Finance.

• Motus Bank

  • Intends to apply, on or after July 28, 2025, to sell substantially all of its assets to Coast Capital Savings Federal Credit Union under an agreement dated March 21, 2025.
  • Also plans to apply, on or after July 28, 2025, for a certificate of continuance under the Canada Business Corporations Act (a corporate status change).
  • The Motus board may withdraw the continuance application before it is acted on. Final approvals depend on the Minister of Finance.

Who's affected#

• Members, customers, and employees of ABCU Credit Union Ltd., Innovation Federal Credit Union, Coast Capital Savings Federal Credit Union, Prospera Credit Union, Sunshine Coast Credit Union, and Motus Bank.
• Local communities where these institutions have offices, especially Swift Current, Saskatchewan, and Surrey, British Columbia.
• Anyone who wants to object to the proposed continuances or amalgamations (there is a public objection window ending September 16, 2025 for the credit-union items).
• It is unclear from the notice exactly which branches, accounts, or staff roles would change if the transactions go ahead.

Why it matters#

• A continuance to federal status means a credit union would move from provincial to federal regulation under the Bank Act (Canada). That can change which regulator oversees the institution and which rules apply.
• Amalgamations and asset sales can affect where decisions are made, how services are offered, branch locations, and staff jobs. Customers may eventually see changes in online platforms, products, or branch networks.
• The public objection period gives members and the public a chance to raise concerns before final approvals are decided.
• The notices are early steps: publication does not guarantee any of these changes will be approved.