Collaboration MB
Letter to Members
We are doing what we always do best, working cooperatively in this merger. It’s who we are.
How Did We Get Here?
Growing the Dream
Our founding members would never have imagined we’d be paying for a coffee with the tap of a watch.
Exploration
- Late 2023 – The Boards of Directors of all three financial co-operatives began discussions.
- November 29, 2023 – We announced we were starting to explore the opportunity to bring our organizations together.
- Mid-December 2023 to Spring 2024 – A deep and thorough due diligence process began. We were transparent with each other and took a close look at each other’s financial, operational, and legal status, including details about assets, liabilities, and risks. We hosted in-person and virtual open houses for members in communities across the province, gathered input through surveys, had ongoing conversations with employees, and answered questions from members and our communities.
This process set the stage for writing a business case that was presented to the Boards of Directors, which they approved.
Recommendation
The Boards of Directors of all three organizations have now recommended to our members that we merge based on consultations with our regulators, employees, members, and communities, due diligence, and the proposed business case.
Merger Vote & Results
Members of all three organizations will have an opportunity to vote on the partnership. Your participation is imperative! Results will be announced once votes are counted.
Regulatory Approvals
If the vote is in favour of the merger, we’ll complete our formal application for approval to the Manitoba regulator, and the Competition Bureau of Canada.
Merger
Assiniboine Credit Union, Caisse Financial Group, and Westoba Credit Union are expected to unite as a newly formed legal entity and begin to implement plans to integrate operationally effective January 1, 2025.