Wellington Holbrook took over as CEO of connectFirst Credit Union in Feb. 2022 after two years as COO. (rdnewsNOW/Josh Hall)

By Josh Hall (Twitter: @Vancan19)

fresh perspective on banking

connectFirst’s new CEO sees vital role for credit unions as bank footprints dwindle

Mar 2, 2022 | 11:00 PM

The new CEO of an Alberta’s second-largest credit union, which has strong ties to central Alberta, says the way we bank is changing, and that there’s reason for optimism, particularly when choosing this type of financial institution.

Wellington Holbrook, who took the reins of connectFirst Credit Union in February, believes now would be a good time for Albertans to consider new options for their finances.

connectFirst is an amalgamation of several smaller credit unions, forming in May 2021 by combining Mountain View Financial (Olds), Chinook Financial (Calgary), Legacy Financial (Calgary) and First Calgary — all of which had been operating ‘as a division of connectFirst’ since 2014. Most recently, Spark Financial in Calgary came on board. Its origins, however, date back to 1938 with First Calgary.

The credit union now boasts 42 branches, including one in north Red Deer and one in Eckville, with another opening soon in Medicine Hat.

“It’s a brand not a lot Albertans have heard of yet, but we have become one of the largest in Canada. connectFirst is exciting for me to lead because when I look at the next few years and what challenges we have in this province to overcome together, I think we can be a partner that will help Albertans properly invest for their long-term future,” says Holbrook, who recently spoke with rdnewsNOW at their Red Deer branch.

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“Other financial institutions are closing branches, but we see this as a time where credit unions can step up and actually make a difference by expanding.”

Holbrook says a shift over the last decade has seen credit unions gain better access to technologies, and move into a leadership position as it pertains to offering a modern banking experience.

In B.C., he points out, about 42 per cent of residents use a credit union, and it’s closer to 50 per cent in Saskatchewan. In Alberta, that number is much lower.

That stems, he believes, from a time when money seemed easier in Alberta, with an inflow of boom-time capital for multiple decades – therefore fewer people in Alberta using credit unions.

“This decade is the decade that’s going to change. We’re seeing good oil prices, but we’re not attracting investment like we used to. We have to find a new path forward, and credit unions are kind of designed exactly for that,” he explains.

“There are two schools of thought: one is that there’ll be no more branches at all ten years from now. The other, which is where I sit, is that it’s actually likely institutions like ours, who are making commitments to the physical spaces we’re in, are going to find ways to re-use that space to connect with the communities they’re in.”

A year ago, connectFirst launched a new core digital banking platform, allowing them to adapt to an ever-evolving digital experience for its members.

Holbrook adds that the drastically different financial landscape of the last eight years means supporting local should include your banking.

“A credit union is not just where you can get your mortgage or open a chequing account. You’re supporting an organization which is building a local supply chain of finances. We’re hiring people in your community, making investments to grow businesses in your community, and that’s not exactly what you get with other financial institutions,” he says.

“Elsewhere, your money is being repatriated to other parts of the country or the world. I can personally get a mortgage at any bank, but my neighbour may not be able to. With a credit union, there’s probably someone there who’s going to roll up their sleeves and try really hard to help that individual.”

Holbrook says Alberta is going through a transformation, one where it’s more challenging to attract the aforementioned capital, however what that means is a “boatload of opportunity.”

Credit unions aren’t about just transactions anymore, he says; they’re about projecting into the community.

“The role we aspire to play is to be a partner of small, medium and large businesses who are going to be making those investments for the next decade. We want to take risks with them. It’s really easy to sit in an ivory tower 2000 miles away and say ‘We like this, but not that,’ and never have a conversation with the owner of a business or company. We’re in the community with them, so we know what makes sense and what doesn’t,” says Holbrook.

“We’re going to put our members first, and of course everybody says that, but we’re trying really hard to live it, and we’re committed to making that true.”

More about connectFirst is at connectfirstcu.com.