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January 10, 2020
Access Credit Union and Crosstown Civic Credit Union Engaged In Merger Discussions
MB – The Board of Directors of Access Credit Union and Crosstown Civic Credit Union are pleased to announce that they have recently engaged in discussions regarding the potential for a merger between the two organizations.
Access and Crosstown Civic have
completed some initial reviews that clearly indicate such a partnership would
provide greater value for their respective members, employees and
communities. Over the next couple of
months, the credit unions will develop a more detailed business case for each board
to review and determine if they will recommend the proposed merger to their
memberships.
As part of their continuing due
diligence, each credit union will encourage broad participation by engaging
their employees and members prior to making any formal decision.
“We know that mergers are happening
at a rapid pace and that they are key to the long-term success of the Manitoba
credit union system,” notes Curt Letkeman, Chair of the Board of Directors of
Access Credit Union. “In Crosstown Civic, we have found a common heritage based on cooperative principles and we are similar-sized
organizations that we believe will benefit our members.”
“We are very excited about the potential of
this partnership as both credit unions have a strong commitment to putting the
needs of our members first,” added Ingrid Loewen, Chair of the Board of
Directors for Crosstown Civic Credit Union. “We are in the early stages of
exploring a merger and look forward to the next step – confirming our positive
assumption as we work to develop an in-depth business case. We will continue to engage and inform our
members as things progress and confirm our final recommendation to the members as
soon as we are able.”
Following completion of the due diligence process, if both Boards of
Directors choose to recommend a merger, they will seek membership approval in
the Spring of 2020.
About Access Credit Union
Access Credit Union serves Southern Manitoba
with 17 branches, 260 employees, over $3.1 billion in assets under
administration, more than 54,000 members, and is the fourth largest credit union
in Manitoba.
For more information about Access Credit Union, please visit www.accesscu.ca.
About
Crosstown Civic Credit Union
Crosstown Civic Credit Union serves Winnipeg with 9 branches, 160
employees, over $2.6 billion in assets under administration, more than 31,000
members, and is the fifth largest credit union in Manitoba.
For more information about Crosstown Civic Credit Union, visit www.crosstowncivic.mb.ca.
Media Contact
All media inquiries should be forwarded to Access and Crosstown Civic Credit
Union Corporate Offices.
Adam Monteith
VP Marketing,
Access Credit Union
Adam.Monteith@accesscu.ca
204-331-2189
Dawn Borges
Director, Member & Employee Experience, Crosstown Civic Credit Union
dborges@crosstowncivic.mb.ca
204-654-8964
