Access Credit Union and Amaranth Credit Union Engage In Merger Discussions
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September 8, 2022Manitoba—The Boards of Directors for Access Credit Union and Amaranth Credit Union are pleased to announce that they are currently engaged in discussions regarding the potential for a merger between the two organizations.
Leaders from Access and Amaranth began discussions earlier in 2022 following Amaranth’s expressed interest in joining Access. Both credit union boards value the cooperative principles, which include investing in communities, and keeping rural branches accessible and open. Joining Access, the largest credit union in Manitoba, would allow Amaranth members to benefit from better technology and innovative solutions in an ever-increasing competitive environment.
As part of their continuing due diligence, Amaranth Credit Union will encourage participation by engaging with their members and employees. This will be valuable as they determine their next steps, and the Amaranth board prepares a recommendation to their membership. If the recommendation to move forward proceeds, Amaranth members would would vote on the proposal. Access members are not required to vote since Access’ portion of assets represent more than 90% of the proposed new entity’s asset size.
“The proposed partnership with Access provides tremendous benefits to our members, employees, and communities. Although these discussions are still in the beginning stages, we look forward to bringing more details forward to our members in the future,” noted Amaranth President, Marie Strong.
“We continue to look towards building a credit union for all Manitobans. Amaranth shares that perspective and these merger discussions are focused on how to extend that vision to Amaranth and its surrounding communities.” shared Kevin Beresford, Board Chair for Access Credit Union.
Following completion of the due diligence process, if the Board of Directors choose to recommend a merger, they will seek Amaranth’s membership approval in the fall of 2022.
About Amaranth Credit Union
Amaranth was incorporated in 1960 and currently serves 1,200 members with $18 million in assets, one branch, and ten employees in Amaranth, MB.
Media Contacts
Leona Asham
General Manager
Amaranth Credit Union
leonaa@amaranthcu.mb.ca
Dawn Borges
VP, Marketing and Communications
Access Credit Union
204.781.6163
dawn.borges@accesscu.ca