Three financial institutions have voted to approve a merger and create a new credit union in Manitoba.
The boards of Assiniboine Credit Union, Caisse Financial Group and Westoba Credit Union approved the merger on Wednesday after the online voting period, which started on June 6, closed.
The partners said in a news release on Wednesday that the resolution was passed with 89 per cent of Assiniboine members, 84 per cent of Caisse members and 88 per cent of Westoba members voting in favour.
In order for the resolution to pass, more than two-thirds of the financial co-operative’s votes cast must be in favour of the change.
The financial institutions are expected to merge on Jan. 1, 2025, after receiving all of the necessary approvals, the release said.
The new credit union, Assiniboine Credit Union / Caisse Assiniboine, will have a total of 50 branches, 216,000 members, $9.6 billion in assets and the largest geographic reach of any credit union in Manitoba, the release said.
Caisse Board Chair, Réal Déquier, said the merger will make the credit union “stronger and more sustainable” while honouring Caisse Financial Group’s Francophone roots.
He said in the release that they are in a better position to compete with larger credit unions, banks, financial technology and other major financial providers.
They will also be able to provide their members with competitive rates, fees, and innovative products and services “that only larger entities can offer,” he said.