The merged credit union, now shifting to operate under the trade name of Servus Credit Union (Servus), marks the end of its fiscal year with a strong balance sheet portraying total assets at $29.3 billion and assets under management of $37.6 billion.

Through the merger with connectFirst Credit Union, Servus became one of the largest and strongest credit unions in Canada, serving over 600,000 Albertans in over 80 communities. The credit union’s strength is evident in its fiscal year end results, covering the period of November 1, 2023 through October 31, 2024. Loans and deposits have seen an increase compared to the previous quarter positioning Servus for the continued scalability required to support members’ evolving banking needs.

“As I look back at this fiscal year, I am proud of the financial results achieved by our merged credit union. Over the year, we have focused on fiscal responsibility and sustainable growth to ensure the long-term stability of our combined organization. This approach has enabled us to deliver the benefits of the credit union way of banking to more members, and to continue supporting the communities where we operate,” says Ian Burns, President and CEO of Servus.

After the successful amalgamation on May 1, 2024, accounting adjustments were applied to value assets and liabilities at fair market value. These adjustments and additional one-time items not relating to ongoing operations totaled $21.7 million in additional income. Given the required method of merger accounting, Servus's financial results generated after May 1, 2024 are not directly comparable with financial results generated prior to May 1, 2024.

Servus's results for the 12 months ending October 31, 2024 show:

• Total assets under management at $37.6 billion
• Total assets at $29.3 billion
• Loans at $24.9 billion
• Deposits at $24.4 billion
• Retained earnings at $1.2 billion
• Net interest income at $616.0 million
• Non-interest income at $212.7 million
• Provision for credit losses at $72.5 million
• Operating expenses at $566.9 million
• Income before income taxes and patronage at $187.1 million.
• Normalized income before income taxes and patronage is $165.4 million, including $21.7 million in one-time items not relating to ongoing operations.

“We know that our members work hard for their money. As we stabilize and grow the combined credit union during these financially unpredictable times, we’re committed to putting the needs of our members first by listening to their unique situations and by finding solutions that work best for their families, their businesses and their communities,” says Burns.

Steady growth has enabled Servus to offer more to members. Earlier this year, Servus launched a new online and mobile banking experience that offered quicker, smoother banking solutions for members. In December 2024, the credit union shared $88 million in profits with members across Alberta.

Servus Credit Union is the trade name of Connect First and Servus Credit Union Ltd. All rights reserved.

About Servus Credit Union Ltd.
Servus Credit Union has recently merged with connectFirst Credit Union. The resulting entity has served Albertans for over 80 years with a full line of secure financial services. The financial institution has more than 140 branches in more than 80 communities throughout the province as well as options for online, mobile and telephone banking. For more information about Servus, call 1.877.378.8728 or visit servus.ca.

Media contact:
media@servus.ca
1.825.402.0740