Credit unions announce plans for merger

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This article was published 24/02/2015 (3346 days ago), so information in it may no longer be current.

Access Credit Union and Assiniboine Credit Union announced on Wednesday morning that the two financial institutions are proposing a merger and promising the more innovative products and services to come with it.

Members of the two credit unions will be asked to vote on the plan at their annual general meetings, which are both to be held on April 22. The new, merged credit union would begin operation on Oct. 1, if approved.

Assiniboine Credit Union operates 21 branches in Winnipeg, Gillam and Thompson. Access Credit Union has 17 branches in southern Manitoba including locations in Dominion City, Emerson, and Morris, as well as Grunthal, Sprague and Vita. Those final three branches joined Access Credit Union in a merger with the former Community Credit Union in 2013.

The new credit union would have 38 branches, $5.7 billion in assets and over 154,800 members. Those numbers are enough to surpass Steinbach Credit Union as the largest credit union in the province.

The two credit unions say no branch closures are planned and no employee layoffs will occur as a result of the merger.

The new entity would operate under the Access name but assume Assiniboine Credit Union’s familiar colours and asterisk logo in its branding.