Credit-union mergers and Motus Bank sale

Summary#

The Canada Gazette published notices that several credit unions plan to become federal credit unions and merge, and that Motus Bank plans to sell most of its assets to Coast Capital Savings Federal Credit Union and seek corporate continuance. These actions require approvals under the Bank Act (Canada) and related processes, and there is a public objection deadline of September 16, 2025 for the credit-union continuance/amalgamation notices.

What it does#

• ABCU Credit Union Ltd. and Innovation Federal Credit Union plan to file a joint application, on or after August 18, 2025, asking the Minister of Finance for letters patent of continuance (to make ABCU a federal credit union under the Bank Act (Canada)) and then immediate letters patent of amalgamation to combine the two as Innovation Federal Credit Union. The proposed head office would be in Swift Current, Saskatchewan. The stated effective date is April 1, 2026, or another date set in the letters patent. Objections may be sent to the Office of the Superintendent of Financial Institutions (OSFI) by September 16, 2025 (email: approvals-approbations@osfi-bsif.gc.ca or mail to OSFI, 255 Albert Street, Ottawa, Ontario, K1A 0H2).

• Coast Capital Savings Federal Credit Union, Prospera Credit Union, and Sunshine Coast Credit Union plan to seek continuances (to federal status) and then a joint letters patent of amalgamation. Applications are to be filed on or after August 18, 2025. The merged entity would use the name Coast Capital Savings Federal Credit Union (English) and Coopérative de crédit fédérale Coast Capital Savings (French), with a head office in Surrey, British Columbia. The notice says the merged credit union would offer a full range of banking services to individuals and businesses. If the continuances of both Prospera and Sunshine Coast are not completed, the amalgamation won’t proceed; if only one continuance fails, the amalgamation would proceed with the parties whose continuances are completed. Objections may be sent to OSFI by September 16, 2025 (mail to OSFI, 255 Albert Street, Ottawa, Ontario, K1A 0H2).

• Motus Bank intends to apply, on or after July 28, 2025, for Minister of Finance approval to sell substantially all of its assets to Coast Capital Savings Federal Credit Union, under an agreement dated March 21, 2025. Motus Bank also plans to apply for a certificate of continuance under the Canada Business Corporations Act. Motus’s head office is in Toronto, Ontario; Coast Capital’s head office is in Surrey, British Columbia. The notice says approvals depend on the normal review and the Minister’s discretion.

Who's affected#

• Customers and members 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 — especially people banking in Swift Current (Saskatchewan), Surrey (British Columbia), and Toronto (Ontario).
• Employees and local communities connected to those institutions, though the notices do not say what will happen to staff or branches.
• Anyone interested in financial-sector consolidation or changes in local banking choices in Saskatchewan and British Columbia.
• It is unclear from the notices whether there is a formal public objection route for the Motus Bank sale beyond the regulatory review; the credit-union continuance/amalgamation notices explicitly list how to file objections.

Why it matters#

• Mergers and continuances move local credit unions into federal regulation and can change where decisions are made (the notices name new head-office locations).
• Customers may see changes in branding, account terms, or how services are offered, because the merged Coast Capital entity says it will offer a full range of banking services.
• These transactions require government approval, so they are not final. The public can object to the credit-union continuance/amalgamation proposals until September 16, 2025.
• The planned sale of Motus Bank’s assets could affect Motus customers, but the notice does not give details on customer impacts or timelines beyond the application dates.