The board of directors of Access Credit Union and Crosstown Civic Credit Union are pleased to announce the completion of their due diligence and unanimous approval of the business case regarding the potential for a merger between the two organizations.
“Mergers represent a significant effort for both organizations and I’m pleased about the way in which our due diligence was conducted. We believe that this merger is in our members’ best interests in creating a strong, sustainable credit union,” noted Ingrid Loewen, chair of the board of directors of Crosstown Civic Credit Union. “We look forward to communicating the tangible benefits of this merger to our respective members as quickly as possible.”
Access and Crosstown Civic had completed initial reviews that indicated such a partnership could provide value for their respective organizations. With the completion of the business case and due diligence review, both organizations concluded that the proposed partnership is in the best interests of their members, employees, and communities.
“Through our due diligence process, our final recommendation to the membership is to proceed with a member vote,” added Curt Letkeman, chair of the board of directors for Access Credit Union. “Both credit unions have a strong commitment to putting the needs of their members first, and together, we believe this new organization will serve its membership even better.”
Both credit unions will be inviting their respective membership to vote on the merger proposal on March 19, at which point a two‐thirds majority vote will determine if the merger will proceed.
About Access Credit Union
Access Credit Union serves southern Manitoba with 17 branches, 260 employees, over $2.85 billion in assets, 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 $2.58 billion in assets, more than 31,000 members, and is the fifth largest credit union in Manitoba. For more information about Crosstown Civic Credit Union, visit www.crosstowncivic.mb.ca.