WINNEPEG, Manitoba–Members of three credit unions here have voted in favor of merging the institutions. The boards of Assiniboine Credit Union, Caisse Financial Group and Westoba Credit Union have also approved the deal.
According to a statement from the credit unions, the resolution was passed with 89% of Assiniboine members, 84% of Caisse members and 88% of Westoba members.
The financial institutions are expected to merge on Jan. 1, 2025, after receiving all of the necessary approvals, the credit unions said in their statement.
The new credit union, to be known as 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 statement added.
‘Stronger & More Sustainable’
Caisse Board Chair Réal Déquier said the merger will make the credit union "stronger and more sustainable" while honoring Caisse Financial Group's Francophone roots.
In addition, he said in the statement the larger credit union will be better able to compete with larger institutions.