Collaboration MB
Vote Results
Member-owners of Assiniboine Credit Union, Caisse Financial Group, and Westoba Credit Union voted “Yes and Oui” to the proposed merger.
Thank you for saying “Yes and Oui” to the merger
June 19, 2024
Today, the member-owners of Assiniboine Credit Union, Caisse Financial Group, and Westoba Credit Union voted “Yes and Oui” to a future of possibilities when they voted in favour of creating a uniquely Manitoban credit union.
Thank you.
Thank you for trusting your Board of Directors who recommended the merger knowing that to be stronger and more sustainable we need the size and scale to meet your needs and the needs of your communities.
Thank you for believing in a future that will create one of the largest credit unions in Manitoba and in the top 10 largest in Canada.
A merger is a fundamental change and requires not less than two-thirds of the financial co-operative’s votes cast on the Special Resolution to be in favour, in order for the Special Resolution to pass. Online voting started June 6, 2024, and concluded on June 19th. The partners are happy to share that the resolution was passed with 89% of Assiniboine members, 84% of Caisse members, and 88% of Westoba members voting in favour.
We all bring something to the table that the other partners value, we have partners who want what we want, a strong financial co-operative that uniquely represents Manitoba preserving what is important to all of us, French language services, urban, rural, and agricultural communities, and values-based banking.
Assiniboine, Caisse and Westoba expect to merge effective January 1, 2025, after obtaining all necessary approvals, creating Assiniboine Credit Union / Caisse Assiniboine. Your new credit union will have a combined 50 branches, 216,000 members, $9.6 billion in assets, and the widest geographic reach of any credit union in Manitoba.
We appreciate that you will continue to have questions about what’s next and we will be ready to answer those over the coming weeks and months.
Thank you again for believing in what’s possible.
Letter to Members
Not since our founding members created our organizations have we been at such an important moment in our history. We have the opportunity, right now, to create a unique and sustainable financial co-operative in Manitoba and to do it in the way we know best – cooperatively. Click to read more
Like the Assiniboine River, imagine a credit union network that flows and connects across the province. This new organization is more prosperous and has greater strength and ability to provide members with better products and services, support employees with more career and development opportunities and invest in community organizations and events.
Imagine all the good work your credit union/caisse has already done – helping your child get their first bank account, providing loans to farmers to build their family farm, helping a small business make that next big leap, sponsoring the local hockey tournament that is the highlight of your small town’s winter season, giving newcomers their mortgage for their first home in Canada. Now imagine doing even more of that.
Imagine one of our founding languages, French, now being used in a larger organization reaching more people. That is just part of what is possible when we become a uniquely Manitoban financial co-operative.
You are one of 216,000 co-owners of the two credit unions and caisse. And as a co-operative member, you decide where we go next. The future of our organizations is in your good hands.
As your elected Boards of Directors and Executive Teams, we want you to know that we have done our homework and due diligence and have been listening to you. Through this process we are confident a merger of Assiniboine Credit Union, Caisse Financial Group, and Westoba Credit Union is in the best interest of you, our members. It isn’t just a good idea; it is a merger that drives prosperity and is filled with possibilities. We are asking you to support this merger for the future of our members, employees, and communities. Vote YES and OUI. It’s imperative.
To learn more, please read on. If you have any additional questions, please know we are available.
Crystal Laborero
Board Chair
Assiniboine Credit Union
Réal Déquier
Board President
Caisse Financial Group
Garnet McBurney
Board Chair
Westoba Credit Union
Kevin Sitka
President & CEO
Assiniboine Credit Union
Joël Rondeau
CEO
Caisse Financial Group
Jim Rediger
President & CEO
Westoba Credit Union
We are doing what we always do best, working cooperatively in this merger. It’s who we are.
How Did We Get Here?
Each of our founding members had the same dream.
They imagined what would be possible if individuals came together and created a way to lend each other money at fair rates when banks would not. Some were farmers, labourers, and electrical workers who experienced the financial hardships of the Great Depression or World War II.
They shared the same challenges with banks and understood the possibilities of the co-operative movement. They made a pact with their co-workers, neighbours, and families to grow and be better together – to make life better for their workplace, families, and communities.
Organizations at a Glance
| Founded in | |||
| Founded in | |||
| Headquarters | |||
| Number of members | |||
| Number of employees | |||
| Number of branches | |||
| Assets | |||
| Lines of business | Wealth Management | Wealth Management, Agriculture | Wealth Management, Agriculture |
Winnipeg | St. Malo | Brandon |
Wealth Management | Wealth Management, Agriculture | Wealth Management, Agriculture |
Growing the Dream
We’d like to think our founding members would be proud of you, our members today, for what you’ve done to take their dream and grow it at Assiniboine Credit Union, Caisse Financial Group and Westoba Credit Union. Thank you.
Our founding members would never have imagined we’d be paying for a coffee with the tap of a watch.
The Reality of Emerging Trends
We have been carefully watching and planning for emerging trends in the financial industry, which our founders could never have imagined 80 years ago.
The banking landscape is changing quickly and dramatically around us. It’s imperative that we pay attention and respond to:
1. Open Banking
A system called “open banking” is being used in Australia and the UK and is coming to Canada. It is a secure way for you to share your financial information with other financial institutions and financial technology companies. It puts you in control of your financial data, it provides you with more choices and options, and it enables you to view all your financial information in one place. The Government of Canada is currently developing a framework that will enable open banking safely and securely in Canada. We need to get ready for it. And it’s not easy to do alone.
2. Digital Identities
Electronic representations of individuals or entities used for authentication and verification of online interactions are also growing. These digital identities often include personal information, authentication factors, and management systems. And they require sophisticated and secure systems at our credit unions and caisse. Every financial institution will need to participate to stay relevant.
3. Evolving Competition
We’re seeing an explosion of tech companies offering a variety of financial services and driving competition in our market. These companies might not be headquartered in Manitoba or in Canada and may not operate with the same government regulations and rules we must follow to ensure your financial security. We will need to invest in technology to meet the evolving needs of our membership.
4. Digital Wallets
With the growing number of payment app services like Apple Pay, Google Pay, and Samsung Pay, we need to invest in improving services for our members who are seeking the same ease and experience from their caisse and credit unions.
5. Cybersecurity
New technologies and the changing geo-political landscape have significantly altered financial institutions’ security needs, which makes cybersecurity a constant and ever-increasing priority. The tools required to stay cyber-safe are continually evolving, requiring more resources, more expertise, and more investments.
6. Regulatory Requirements
There are numerous drivers of change to the regulatory environment. Credit Union Central of Manitoba estimates compliance costs to credit unions/caisses have increased 134% over the last eight years.
7. Online Banking
The most recent Manitoba data tells us that approximately 90% of banking transactions are performed with online banking and mobile apps. How members use our products and services – and want to use our products and services – is evolving, and we have to keep up with your expectations.
In the face of change, challenge and opportunity, collaboration is our response.
By leveraging our strengths and our values, and by working together, we believe we can create something great for our province. We want to build an organization with a steadfast commitment to our members, employees, and community.
Merger Phases
We are currently in the REGULATORY APPROVALS phase
Here are the primary phases of the proposed partnership between Assiniboine Credit Union, Caisse Financial Group, and Westoba Credit Union.
Throughout the whole process, we will continue to have open and deep conversations with members, employees, and our communities.
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.
Member-owners of Assiniboine Credit Union, Caisse Financial Group, and Westoba Credit Union voted “Yes and Oui” to the proposed merger.
Regulatory Approvals
Required federal and provincial approvals following the positive membership votes are in process and are expected before our effective date of January 1, 2025.
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.
Our Commitments
The value proposition of the merged credit union includes its quality of service,
competitive positioning, convenient solutions, commitment to urban, rural, agricultural, and Francophone communities, French language services, and a values-based approach to banking, which includes continuing B Corp certification.
The new entity will leverage the power of its balance sheet to make investments on behalf of its members that diversify revenue, reduce risk, and enhance organizational sustainability.
Commitment to
French
Services
We’re excited about the unique opportunity to serve both English and French-speaking communities across Manitoba. With a nod to our rural roots and the rich history of Caisses populaires, we recognize the deep connection these institutions have in shaping our new corporate identity. We also understand the vital role the Francophone community plays in the vibrant tapestry of Manitoba and Canada. We’re dedicated to ensuring our Francophone members have continued access to services in French, whether in person in designated areas or through digital channels.
Commitment to
Rural & Agricultural Roots
The merged organization would be positioned to provide greater support to rural communities currently represented by Westoba Credit Union in western Manitoba and Caisse Financial Group in south-central Manitoba. The scale of this new entity would allow the merged credit union to provide rural members with wider geographical coverage, a large suite of products, larger scale of funding for large agricultural businesses, and the ability to provide better service through employees with broader and more specialized skills.
Commitment to
Values-Based Banking
As a merged organization, we are committed to continuing to work together and partner with others for mutual benefit and the common good, dedicated to the International Co-operative Principles and the B Corp Declaration of Interdependence. We believe a merged credit union will have even greater capacity to create shared value for employees, members, and communities.
Commitment to
French
Services
We’re excited about the unique opportunity to serve both English and French-speaking communities across Manitoba. With a nod to our rural roots and the rich history of Caisses populaires, we recognize the deep connection these institutions have in shaping our new corporate identity. We also understand the vital role the Francophone community plays in the vibrant tapestry of Manitoba and Canada. We’re dedicated to ensuring our Francophone members have continued access to services in French, whether in person in designated areas or through digital channels.
Commitment to
Rural & Agricultural Roots
The merged organization would be positioned to provide greater support to rural communities currently represented by Westoba Credit Union in western Manitoba and Caisse Financial Group in south-central Manitoba. The scale of this new entity would allow the merged credit union to provide rural members with wider geographical coverage, a large suite of products, larger scale of funding for large agricultural businesses, and the ability to provide better service through employees with broader and more specialized skills.
Commitment to
Values-Based Banking
As a merged organization, we are committed to continuing to work together and partner with others for mutual benefit and the common good, dedicated to the International Co-operative Principles and the B Corp Declaration of Interdependence. We believe a merged credit union will have even greater capacity to create shared value for employees, members, and communities.
Commitment to
French
Services
We’re excited about the unique opportunity to serve both English and French-speaking communities across Manitoba. With a nod to our rural roots and the rich history of Caisses populaires, we recognize the deep connection these institutions have in shaping our new corporate identity. We also understand the vital role the Francophone community plays in the vibrant tapestry of Manitoba and Canada. We’re dedicated to ensuring our Francophone members have continued access to services in French, whether in person in designated areas or through digital channels.
Commitment to
Rural & Agricultural Roots
The merged organization would be positioned to provide greater support to rural communities currently represented by Westoba Credit Union in western Manitoba and Caisse Financial Group in south-central Manitoba. The scale of this new entity would allow the merged credit union to provide rural members with wider geographical coverage, a large suite of products, larger scale of funding for large agricultural businesses, and the ability to provide better service through employees with broader and more specialized skills.
Commitment to
Values-Based Banking
As a merged organization, we are committed to continuing to work together and partner with others for mutual benefit and the common good, dedicated to the International Co-operative Principles and the B Corp Declaration of Interdependence. We believe a merged credit union will have even greater capacity to create shared value for employees, members, and communities.
FAQs
Have questions? Check out our list of FAQs
Past Open Houses
Assiniboine Credit Union
Virtual
When: Wednesday, March 6, 10:00 AM
Where: Virtually-hosted
Virtual
When: Wednesday, May22, 7:00 PM
Where: Virtually-hosted
Caisse Financial Group
St. Boniface
When: Monday, January 22, 7:00 PM
Where: CCFM, Antoine-Gaborieau Hall, 340 Provencher Blvd
Language: French only
St Pierre Jolys
When: Tuesday, January 23, 7:00 PM
Where: Sugar Shack, 432 Joubert Street
Language: French only
Notre Dame de Lourdes
When: Thursday, January 25, 7:00 PM
Where: Notre Dame Centennial Hall, 100 PR 244
Language: French only
English Virtual
When: Tuesday, February 13, 7:00 PM
Where: Zoom
French Virtual
When: Wednesday, February 14, 7:00 PM
Where: Zoom
French Open House
When: Wednesday, May 15, 7:00 PM
Where: Zoom
English Open House
When: Thursday, May 16, 7:00 PM
Where: Zoom
Westoba Credit Union
Rivers
When: Thursday, January 25, 5:30 PM
Where: Rivers Canadian Legion, 633 2nd Avenue
Killarney
When: Tuesday, January 30, 5:30 PM
Where: Shamrock Centre, 725 Broadway Avenue
Plot Mound
When: Tuesday, February 6, 5:30 PM
Where: Plot Mound Fellowship Club, 203 Broadway Avenue
Brandon
When: Thursday, February 8, 5:30 PM
Where: Keystone Centre, Assembly Hall, 1175-18th Street
Virtual
When: Tuesday, February 13, 7:00 PM
Where: Microsoft Teams
Virtual
When: Thursday, May 16, 6:30 PM
Where: Microsoft Teams
