Three Manitoba credit unions approve merger

The member-owners of three major Manitoba credit unions have voted in favour of a merger.

Assiniboine Credit Union, Caisse Financial Group and Westoba Credit Union announced the news in a release on Wednesday, saying the merger will create a “uniquely Manitoba credit union.”

The organizations are expected to merge effective Jan. 1, 2025. The new credit union will have 50 branches, 216,000 members, and $9.6 billion in assets.

“We believe a merged credit union will have even greater capacity to create shared value for employees, members, and communities,” said Assiniboine board chair Crystal Laborero in a news release.

The boards of directors at all three co-operatives recommended the merges as a way to make the organizations more sustainable.

Voting took place from June 6 to June 19. 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.