PRESS RELEASE - NOVEMBER 27, 2019 - MB - The Board of Directors of Access Credit Union and Crosstown Civic Credit Union are pleased to announce that they have recently engaged in discussions regarding the potential for a merger between the two organizations.
Access and Crosstown Civic have completed some initial reviews that clearly indicate such a partnership would provide greater value for their respective members, employees and communities. Over the next couple of months, the credit unions will develop a more detailed business case for each board to review and determine if they will recommend the proposed merger to their memberships.
As part of their continuing due diligence, each credit union will encourage broad participation by engaging their employees and members prior to making any formal decision.
"We know that mergers are happening at a rapid pace and that they are key to the long-term success of the Manitoba credit union system," notes Curt Letkeman, Chair of the Board of Directors of Access Credit Union. "In Crosstown Civic, we have found a common heritage based on cooperative principles and we are similar-sized organizations that we believe will benefit our members."
"We are very excited about the potential of this partnership as both credit unions have a strong commitment to putting the needs of our members first," added Ingrid Loewen, Chair of the Board of Directors for Crosstown Civic Credit Union. "We are in the early stages of exploring a merger and look forward to the next step – confirming our positive assumption as we work to develop an in-depth business case. We will continue to engage and inform our members as things progress and confirm our final recommendation to the members as soon as we are able."
Following completion of the due diligence process, if both Boards of Directors choose to recommend a merger, they will seek membership approval in the Spring of 2020.
About Access Credit Union
Access Credit Union serves Southern Manitoba with 17 branches, 260 employees, over $3.1 billion in assets under administration, more than 54,000 members, and is the fourth largest credit union in Manitoba. For more information about Access Credit Union, please visit www.accesscu.ca.
About Crosstown Civic Credit Union
Crosstown Civic Credit Union serves Winnipeg with 9 branches, 160 employees, over $2.6 billion in assets under administration, more than 31,000 members, and is the fifth-largest credit union in Manitoba.
All media inquiries should be forwarded to Access and Crosstown Civic Credit Union Corporate Offices.