MANITOBA: November 29, 2023 – Assiniboine Credit Union, Caisse Financial Group and Westoba Credit Union announced they are collaborating to explore combining their operations to create a new credit union in Manitoba.

“The environment for Canadian financial institutions is influenced by increasing competition, member needs and expectations, technology investments, a challenging economic environment and increasing regulatory requirements,” says Crystal Laborero, Board Chair, Assiniboine Credit Union. “We are exploring whether together as one credit union, we could be stronger and better positioned to address these opportunities and challenges.”

“There is the potential to build something great for our members and our province,” says Réal Déquier, Board Chair, Caisse Financial Group. “The partners have made a commitment that a new entity would continue to offer French language services. A new financial cooperative with greater size and strength will have more capacity to deliver enhanced products, services, and technology for our personal and business members.”

The three organizations have started an exploration process where they will evaluate each other’s operations and develop a comprehensive business case. The new credit union would commence operations in a financially strong and highly competitive position, with nearly $10 billion in assets.

“The decision on whether to come together as one will be guided by the question, is this collaboration in the best interests of our members, employees and communities,” says Garnet McBurney, Board Chair Westoba Credit Union, “This includes a commitment to ensuring our values guide our decision making, and continuing to support the communities that make the partners who we are today – Manitoba’s rural, agriculture-based, urban, and French communities.”

Throughout this process the partners will consult with their employees, members, and communities to learn more about what they would like to see from their financial services provider in the future. If the due diligence and business case processes result in the three Boards recommending a merger, regulatory and membership approval will be sought

More information is available at CollaborationMB.ca.

Background

About Assiniboine Credit Union

ACU is a financial co-operative in Manitoba with branches in Winnipeg, Thompson, and Gillam and more than $6 billion in assets. As a Certified B Corp, ACU serves its members on Treaty 1 and Treaty 5 lands, located on the traditional territories of the Anishinaabeg, Cree, Oji-Cree, Dakota, and Dene Peoples, and the homeland of the Red River Métis Nation.

ACU uses its expertise and resources to foster self-reliant and sustainable communities, while taking care to consider the impact of business decisions on employees, members, the environment, and the communities it serves. For more information, visit https://www.acu.ca/.

About Caisse Financial Group

Caisse Financial Group has over $2 billion in assets and 19 branches across Manitoba, serving more than 35,000 members with bilingual products and services. Caisse was the first officially registered co-operative in the province in 1937.

Caisse is a bilingual financial institution that offers financial products and services for every phase of life. Caisse’s mission is to meet its members’ evolving financial needs and invest in the well-being of its communities. The following core values support Caisse’s mission: Respect for Individuals, Integrity and Transparency, Innovation, and Community Involvement. For more information, visit https://www.caisse.biz/.

About Westoba Credit Union

Founded in 1963, Westoba Credit Union is a 60-year-old financial institution with $1.5 billion in assets. Proudly headquartered in Brandon, Manitoba, Westoba has a hybrid workforce with nearly half of its employees working remotely.

Committed to meeting the diverse needs of its 41,000 members, Westoba extends its reach through 13 physical branches that reach from The Pas to Cartwright and a virtual team that ensures accessible and convenient financial solutions for all members.

Westoba believes in staying connected and engaged, and empowering people and communities to thrive. For more information, visit https://www.westoba.com.