Credit union amalgamations and Motus Bank sale

Summary#

This Canada Gazette notice reports planned corporate moves by several credit unions and a bank. It covers: a proposed continuance and amalgamation involving ABCU Credit Union Ltd. and Innovation Federal Credit Union; a planned continuance and amalgamation 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 plus Motus’s proposed continuance under the Canada Business Corporations Act. The notices give filing dates and deadlines for public objections.

What it does#

• ABCU Credit Union Ltd. and Innovation Federal Credit Union

  • Plan to apply (on or after August 18, 2025) to have ABCU Credit Union Ltd. continued as a federal credit union under the Bank Act and then immediately amalgamated with Innovation Federal Credit Union.
  • The combined institution would be called Innovation Federal Credit Union, with its head office in Swift Current, Saskatchewan.
  • The proposed effective date is April 1, 2026, or another date set in the letters patent.
  • Members of the public can object by September 16, 2025.

• 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 be continued as federal credit unions so they can amalgamate with Coast Capital.
  • The merged federal credit union would operate as Coast Capital Savings Federal Credit Union (English) and Coopérative de crédit fédérale Coast Capital Savings (French), with its head office in Surrey, British Columbia.
  • The merger will take effect on the dates set in the continuance and amalgamation letters patent. If the continuance of one or both provincial credit unions is not completed, the amalgamation may not go ahead as planned.
  • Members of the public can object by September 16, 2025.

• 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.
  • Also intends to apply (on or after July 28, 2025) for a certificate of continuance under the Canada Business Corporations Act.
  • The board of Motus Bank may withdraw the continuance application before it is acted on.

Notes common to these items

• Filing dates are proposals; the notices say publication does not mean approval will be granted. Approvals depend on the standard review and the Minister of Finance’s decisions.
• Objections for the continuance/amalgamation notices are to be sent to the Office of the Superintendent of Financial Institutions at 255 Albert Street, Ottawa, Ontario, K1A 0H2, or by email to approvals-approbations@osfi-bsif.gc.ca (where the notice specifies).

Who's affected#

• Members and customers 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.
• Employees and local communities where those institutions have branches or head offices (for example, Swift Current, Saskatchewan; Surrey, British Columbia; and Toronto, Ontario).
• Anyone or any group who wishes to file a formal objection with the Office of the Superintendent of Financial Institutions by September 16, 2025 (for the continuance/amalgamation notices).

Why it matters#

• These are corporate restructurings that could change who controls the institutions, the name and location of a head office, and how services are organized.
• Customers and members may eventually see changes in branding, where decisions are made, or how services are delivered.
• Employees and local communities could face organizational changes.
• The notices give the public a chance to object before regulators and the Minister decide.