Collaboration MB
FAQs
Frequently Asked Questions
We know you have questions about this Board recommended merger, and we are committed to giving you answers. Our Frequently Asked Questions begin to address your questions.
The Why
It seems like there are a lot of caisse/credit union mergers going on. Is this merger necessary?
There have been more mergers in the financial services industry in the last 20 years than any other point in history, and for good reason. We are all faced with the same technological, regulatory, and competitive challenges and we simply can’t be our very best on our own. When caisses/credit unions combine resources and bring more members together – cooperatively – we can give you more of the services that you are looking for now and into the future, like competitive rates and easy-to-use digital experiences. We are stronger and more sustainable as one, and together we can create something that is uniquely Manitoban. That’s what we are all about – cooperatively finding solutions to our common challenges in the best interests of our members, employees, and local communities.
Assiniboine is one of the largest credit unions in Manitoba; I feel like my caisse/credit union is getting swallowed up. Is that what’s happening?
Not at all. We are all faced with the same technological, regulatory, and competitive challenges and we simply can’t be our very best on our own. As partners, we have all come to the same conclusion: together we are stronger for our members, employees, and communities, now and into the future. As we have worked together for several months exploring a future as a merged organization, over that time we have confirmed we have so much in common. All three organizations are deeply committed to employees, supporting communities, and helping our members meet their financial needs and realize their dreams. We’re excited about the prospect of doing that as one strong, enduring, and unique financial co-operative across Manitoba.
What happens if we don’t merge right now?
Industry trends tell us we can’t continue doing things the way we always have; merger makes us stronger, more sustainable. We all need size and scale to meet member, employee, and community needs and wants now and into the future. We believe it’s important to do it now because we are entering this proposed merger as three true partners. We all bring something to the table that the other partners value. If we wait, mergers will continue to happen all around us, within our province and beyond, the landscape will change dramatically and the opportunities to enter a merger as a valued partner will decline. In this proposed merger, we have found partners who want what we want: a strong and enduring financial co-operative that uniquely represents Manitoba.
How is this merger “uniquely Manitoban”?
As partners exploring a potential merger, we have confirmed that each partner would contribute uniquely to a merged entity and the collective breadth and depth of those contributions will make us even stronger. Through a merger we will use these collective contributions to build new value for our employees, our members, and our communities. As with other mergers, that value will translate into quality service, convenient solutions, more competitive rates, and fees for members. Unique to this proposed merger, the value will also translate into ongoing commitment to urban, rural, and agricultural communities, French language services, and values-based approach to banking.
What unique leadership features may our new credit union include?
We envision senior leadership in the merged credit union that is focused on each area of core differentiation including Francophone services, rural support, and values-based banking.
What happens if one of the partners votes no?
The goal for the new organization is to be a better, stronger, more sustainable, uniquely Manitoban financial co-operative. We can only fully realize that goal if the memberships of all three organizations vote in support of the proposed merger. If Assiniboine votes yes, and either Caisse or Westoba vote yes, the merger will still proceed with the two who vote in favour.
The Impact
Are you trying to be like a big bank?
Financial co-operatives are a long way from being like a bank. All the things you like about your caisse or credit union – like talking with the person at the counter in French, the branch employees knowing your name, investing in your local projects, supporting your local grants and sponsorships – will still be the same. We’re still a co-operative at our roots.
I like being able to meet with my caisse/credit union business representative to negotiate a loan for my Agriculture/Commercial business. Am I still going to be able to do that?
Yes. The things you value at your local caisse/credit union will remain the same. Decisions on loans are made locally with experts that understand your business. In fact, some of our members require multi-million-dollar loans that we have been challenged to or could not meet in the past. But together, a merged entity with $10 billion in assets will be much more capable of meeting your business needs now and into the future.
What happens in five years, is it possible Francophone or rural communities wouldn’t be represented on the board?
We are co-operatives with regular board of director democratic elections where members decide who best represents their interests. The bylaws of the proposed merged organization ensure that in the future at least two French-speaking and two rural Manitobans will always serve on the board. There could be a day where a majority of the board is French-speaking or represents rural Manitoba or both, if that’s how members vote. We know this merger makes our ability to meet members’, employees’ and communities’ current and future needs and wants possible.
Will French services still be offered in the new organization?
We are committed to offering members a range of financial services in French in branches in designated Francophone areas and by other methods, such as mobile and online banking, contact centres and social media into the future. As part of the proposed merger, a French-Language Services Policy has been developed to document the commitment of the combined organization to make financial services in the French language available to members, including the businesses, organizations and institutions that serve Manitoba’s Francophone community. The process to integrate caisse/credit union systems and operations and make offerings available in French will take considerable time and effort. We believe greater size and scale provide the strength we need to address the challenges we experience today and in the future in providing French financial services to Manitoba’s Francophone community.
What’s in it for me as a member?
Our members have told us they want competitive rates, diverse products and easy to use services and systems that complement the personal service you already enjoy. You asked for enhanced services that resemble the experiences you enjoy with Amazon, Apple, Google, and Samsung. These services are expensive for an individual organization to offer to members.
The combined strengths of each partner will enable us to quickly offer services like Apple Pay and Google Pay, virtual banking, online account opening, extended call centre hours, live chat, the ability to serve larger commercial and agriculture operations and online banking for business. Individually we have not had the scale we need to bring these products and services to our members. Over time, we will be able to offer members products and services like Visa Debit, higher interest deposit accounts and other enhanced and innovative products and services.
When we pool our resources and come together cooperatively, we can better meet your needs and wants while still investing in our communities. Together, it is possible to offer the services you want and expect, now and in the future.
What’s in it for our communities?
One of the many things that make us great partners is that we all care deeply about and support our neighbourhoods, our communities, and the people who make Manitoba a better place every day. You are the leaders, volunteers, and employees of non-profits and community organizations. The Royal Manitoba Winter Fair, Festival du Voyageur, and the Winnipeg Folk Festival are just a few of the uniquely Manitoban events we have supported over the years. For you, our combined size, scale and strength means:
• Greater financial capacity to support more community organizations and invest in more of Manitoba’s diverse and varied communities and events
• A larger and more diverse network of employees who are excited to make a difference in the communities we serve as active volunteers
• Programs and community partnerships throughout the province to provide even more financial empowerment initiatives and educational sessions
• Even more capacity and scale to ensure we can continue to bring individuals without access or with limited access to banking into our credit union as members, and support underserved communities in Manitoba
• More significant purchasing power as we continue to focus on supporting our communities through strengthening local businesses and community economies
• Specialized expertise in providing financial advice and services including financing for non-profits, agriculture, co-operatives and small businesses in your communities.
When exactly will we experience the benefits of the merger?
For your banking experience, whether it be in-branch, by telephone, mobile, or online, it will take some time to strategically integrate operations following a positive member vote to realize member and employees’ benefits. Integrating products, systems, and technology across three organizations will be complex. We are committed to communicating plans and changes well in advance so that everyone knows what’s coming and how to best prepare. In the meantime, members and employees will bank and work with the systems and services that are in place at their credit union/caisse today.
Will employees lose their jobs?
Attracting and keeping talented, knowledgeable, caring, hardworking employees is our priority. Our employees are our greatest strength, no one will lose employment as a result of the merger, there will be a place for everyone.
We are excited for the possibilities that a merged organization will offer employees to work in new roles, departments, or locations or to use and learn new skills.
How will the employees’ benefit?
This merger creates more career opportunities for employees who want to explore new locations or new career paths, learn new skills, and take on new challenges within their roles. Our employees are our greatest strength, and this new merged organization offers a lot of career possibilities. We are creating a uniquely Manitoban organization, and we are excited for all our employees to be a part of it from the beginning.
Will you close branches because of this merger?
Our merger exploration work as partners over the last several months has demonstrated that our branch networks complement each other well. No branches will be closed as a result of the merger. In fact, together, we’ll be better positioned to continue to serve our collective membership across Manitoba through our rural and urban branches.
As we all do today, whether we merge or we don’t merge, we will continue to assess and evaluate our branch networks to make sure we continue to be easy to do business with and that we are meeting the needs of our members. Commitment to the communities we serve is, and will continue to be, central to our mission and purpose.
Will the local festivals, sports clubs and community organizations and events still receive their sponsorships?
We are committed to maintaining and growing our community investments throughout Manitoba.
Our contributions and investments in our communities through grants, sponsorships and volunteering are a great source of pride for all of us and will continue in the future. This is an area of shared strength and importance as we continue to learn about the breadth and depth of commitment to communities in each organization.
With our combined size, scale and strength we are better able to support more of our communities’ local festivals, sports clubs, and community organizations and events. One of the important goals of this proposed merger is creating a thriving, strong and sustainable organization, with even more opportunities to support our communities.
How was the CEO of the new organization selected?
Following a thorough selection process, all three boards unanimously recommended current Assiniboine President & CEO Kevin Sitka as President & CEO of the new organization. The process involved an independent consultant who worked to support a committee of the boards of directors. The committee established the desired skills and competencies required for the merged organization’s President & CEO role, and each Board confirmed Kevin’s skill set, expertise and leadership qualities met or exceeded the requirements.
Westoba President & CEO Jim Rediger and Caisse CEO Joël Rondeau will continue in leadership roles to support the post-merger credit union.
The Process
How can I find out more about this collaboration and this process?
Collaboration means we want to engage with you. Engaging members, employees and our stakeholders throughout this process is very important to us. Here are some ways we can exchange information and ideas:
• We’ll post regular updates on this website www.CollaborationMB.ca. Please check back for updates.
• We’ll provide information in all of our branches.
• You can speak with one of our ACU Member Communication Centre Representatives at 204.958.8588 or toll free at 1.877.958.8588 or Caisse Financial Group Member Support Representatives at 204-235-2270, or Westoba’s Virtual Service Representatives at 1-877-WESTOBA (1-877-937-8622).
• You can email us directly at CollaborationMB@acu.ca; CollaborationMB@caisse.biz; CollaborationMB@westoba.com.
Why are you proposing the name Assiniboine Credit Union/Caisse Assiniboine?
We want to assure you our discussions around name were not taken lightly, especially with the long and rich histories attached to Assiniboine Credit Union, Caisse Financial Group and Westoba Credit Union and the deep connections that employees, members, and community partners have to their names. The reasons to operate as Assiniboine Credit Union in predominately English-speaking locations and Caisse Assiniboine in Francophone markets include:
• Assiniboine is the same in English and French and the Assiniboine name and brand are well-known and respected within our communities. By adopting the name Assiniboine, we aim to extend the values that have guided Assiniboine Credit Union through the years in support of all members, employees, and communities.
• The Rivière Assiniboine River flows through Manitoba and for centuries has connected and supported the rural and urban communities we are looking to bring together through a proposed merger. By embracing the name “Assiniboine,” we honour the urban and rural foundations on which our credit unions/caisse were built and our ongoing commitment to serving the specific needs of these communities, ensuring they remain an integral part of our identity and future growth.
• Just as the Rivière Assiniboine River has changed course numerous times over past centuries, Assiniboine Credit Union / Caisse Assiniboine will evolve, innovate, grow, and progress in ways that ensure member, employee and community needs and wants can be met now and in the future.
• We believe that coming together under the Assiniboine name is important as it demonstrates our commitment to working as partners and as one strong credit union to better meet your financial needs, now and into the future.
When is the start date & where is the registered office?
If members vote in favour of merging and the regulators approve, the merged entity is expected to take effect on January 1, 2025. The registered office address, for legal purposes, will be 200 Main St., Winnipeg, MB, R3C 1A8.
What about member shares?
The existing member shares, and all classes of share capital of each credit union and caisse, will be converted to shares of equal value, terms, and conditions in the merged organization.
What will happen to my institution’s product and services?
The merged organization will initially continue to offer all current Assiniboine, Caisse and Westoba products and services of each and through each legacy credit union/caisse. Within the first 12 months following the merger, harmonization and rationalization of products and services across the organization will start. That work will be finalized when the banking systems are integrated.
What approvals have to happen for the merger to move forward?
Required federal and provincial approvals following the positive membership votes are in process and are expected before our effective date of January 1, 2025.
