The Voice of Canadian Credit Unions
Mergers /  •

Manitoba merger fails again

Manitoba merger failsIt was déjà vu all over again for two Manitoba credit unions.

For the second time since April, members of Manitoba’s Access Credit Union and Assiniboine Credit Union were called on to cast their ballots in support of teaming up.

Once again, the merger was defeated, with just 32.8 per cent of Access members voting in favour of amalgamation, far short of the 66.67 per cent threshold.

As a result, Assiniboine’s merger vote scheduled for September 21 was cancelled. In the original vote, support from its members was 95 per cent.

“[We firmly believed the merger would make two strong credit unions stronger … our members felt otherwise”
—Access Chair Darryl Loewen

Though disappointed with the results, Access Chair Darryl Loewen reinforced his support for the process of giving members a say on the future of their credit union.

“While as a board we firmly believed the merger would make two strong credit unions stronger in the face of rapidly changing financial sector, our members felt otherwise.”

Together, the two credit unions would have become Manitoba’s largest credit union by assets, branches and members. ◊