01/28/2015 10:06 EST | Updated 03/30/2015 05:59 EDT

B.C. credit unions end merger talks, cite operating environments and costs

NEW WESTMINSTER, B.C. - Merger talks have ended unsuccessfully for two credit unions in British Columbia.

Westminster Savings Credit Union and Prospera Credit Union announced last September that they had entered into negotiations.

The financial institutions say in a joint news release that they have completed an in-depth analysis of the benefits, risks and costs of uniting.

Westminster board chair Bill Brown says both credit unions believe it is in the best interests of their members and employees to pursue independent business strategies because of costs and operating environments.

Prospera board chair Angela Kaiser says the decision to end the discussions was difficult, and the credit unions want to thanks their management teams and employees.

Westminster Savings was established 70 years ago, while Prospera has more than 65 years of history in the province.