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A merger of Manitoba credit unions was approved this week that will see three organizations merge into what will be the second-largest credit union in the province, and one of the top 10 largest in Canada.
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Member-owners of Assiniboine Credit Union, Caisse Financial Group and Westoba Credit Union voted in favour of a merger this week that the organizations said will now create a “uniquely Manitoban credit union.”
According to the release, the board of directors for all three credit unions had recommended the merger to make them “stronger and more sustainable,” and once the merger is complete, the newly formed organization is expected to have approximately $9.6 billion in total assets, trailing only Access Credit Union among Manitoba credit unions, which has an estimated $12.4 billion in assets.
“They need size and scale to meet member, employee, and community needs and wants now and into the future,” the organizations said.
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The merger required no less than two-thirds of the financial co-operative’s votes cast on a special resolution to be in favour in order for it to pass, and online voting started June 6, and concluded on June 19.
“The partners are happy to share that, of the members who voted, the resolution was passed with 89% of Assiniboine members, 84% of Caisse members, and 88% of Westoba members voting in favour,” the media release said.
“The three organizations serve diverse communities with diverse needs and wants, and diverse perspectives and opinions. The newly formed credit union will honour the commitments and work every day with the core purpose of serving our member-owners and communities.”
Assiniboine, Caisse and Westoba are expected to merge effective Jan. 1 of next year, after obtaining all necessary approvals, creating what will be called Assiniboine Credit Union / Caisse Assiniboine.
The new credit union will have a combined 50 branches and approximately 216,000 members once the merger is complete.
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