Canada-based institutions Alterna Savings & CU Ltd. and Member Savings Credit Union Ltd. intend to merge.

Once regulatory approvals are received, Member Savings members will be asked to vote on the proposed merger later this fall. Member Savings is expected to become part of Alterna at the end of 2020.

Member Savings has C$119 million in assets serving more than 3,400 members in Ontario, while Alterna has C$9.6 billion in assets under management, according to a press release.