VanPlex Plexperts · BC Multiplex Money
G&F Financial Group
Featured on VanPlex Plexperts — the curated directory of BC multiplex money.
BC Credit Union (now part of Beem Credit Union), G&F Financial Group
A BC credit union from 1940, now banking as part of Beem.
G&F Financial Group started in 1940 as the North Arm Fishermen’s Credit Union and grew into Gulf & Fraser. On January 1, 2024 it merged with Interior Savings to form Beem Credit Union. The Gulf & Fraser / G&F name still serves members for personal, business, and mortgage banking.
1940
Year founded (as North Arm Fishermen’s Credit Union)
72,289
Gulf & Fraser members at end of 2023
28
Branches before the 2024 merger
$4.8B
Gulf & Fraser total assets, end of 2023
Meet G&F Financial Group
G&F Financial Group is the corporate brand of Gulf & Fraser, a British Columbia credit union that started in 1940 when commercial fishermen pooled $79.13 to open the North Arm Fishermen’s Credit Union. It took the Gulf and Fraser Fishermen’s Credit Union name in 1948.
Over more than eight decades the credit union grew through dozens of mergers, including United Savings in 2004, Aldergrove Credit Union in 2021, and V.P. and Mount Lehman in 2022. By the end of 2023 Gulf & Fraser served 72,289 members through 28 branches and held about $4.80 billion in total assets, with $4.15 billion in loans. It was the sixth-largest credit union in BC at that point.
On January 1, 2024, Gulf & Fraser merged with Interior Savings Credit Union to form Beem Credit Union, the first province-wide credit union in BC, with roughly 160,000 members and more than $10 billion in assets. The Gulf & Fraser and GFCU Savings names continue as trade names of Beem, so existing members keep banking under the familiar brand.
For a multiplex project, the relevant work is on the lending side: residential and commercial mortgages, construction financing, and small-business banking. The gffg.com website now redirects to beemcreditunion.ca, where these products live.
Credentials
Why work with G&F
01
Local credit union with construction and commercial lending
Gulf & Fraser ran residential mortgages, business and commercial mortgages, and construction financing before the merger, and those products now sit inside Beem Credit Union. That mix is what a small multiplex developer needs: a build loan during construction and a residential or commercial mortgage to take out the project.
02
Decades of Lower Mainland and Fraser Valley roots
The credit union grew up in the same neighbourhoods most Vancouver multiplex sites sit in, with 28 branches across Metro Vancouver and the Fraser Valley at the end of 2023. Local underwriters tend to understand BC zoning and small-scale infill better than a national lender’s call centre.
03
Now part of a province-wide credit union
The 2024 merger with Interior Savings created Beem Credit Union, with roughly 160,000 members and over $10 billion in assets across BC. The larger balance sheet means more lending capacity while the Gulf & Fraser / G&F brand keeps serving its existing members.
Frequently asked questions
Is G&F Financial Group still around?
Does it finance multiplex construction?
Are deposits insured?
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