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Confirmed: Implicity Financial brand to be phased out and merged into Outlook Financial
February 5, 2022
9:21 am
Doug
British Columbia, Canada
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As I have speculated in several threads on these forums, the automated telephone message I received when calling Implicity Financial's contact centre to try and reset my online banking access (they lock you out if you don't sign in in three months, which is annoying and far too short relative to the competition), confirms that they're now operating as Outlook Financial formerly Implicity Financial. This seems to align with the Implicity Financial website which states that a new website is coming in 2022 (technically, redirecting implicity.ca to outlookfinancial.com would be "a new website"). I suspect it's just a matter of integrating the core banking systems and online banking platforms, the latter of which is the same.

Given that Outlook was by far and away the larger competitor and better known brand, I suspect we'll see the same thing happen when the lesser known, shoestring budget AcceleRate Financial brand is folded into the Hubert Financial brand, likely in late 2022 or 2023. AcceleRate Financial staff will likely be offered relocation opportunities from Winnipeg to Selkirk, repositioning to in-branch staff at a Winnipeg area branch of the combined Access Credit Union, voluntary early retirements/buyouts, or positions eliminated as vacancies arise (i.e., attrition). I'd be surprised if there were outright layoffs as a result of the merger, which should assuage Loonie's concerns.

Cheers,
Doug

February 5, 2022
10:52 am
Loonie
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Implicity is or was a division of Entegra CU; Outlook is a division of Assiniboine CU, both based in Winnipeg. Are you saying Entegra and Assiniboine have merged? And, if so, what is the new parent name?

February 5, 2022
11:05 am
cgouimet
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Merging MB CU's seems to be the in-thing nowadays...

CGO
February 5, 2022
11:25 am
Norman1
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Yes, it looks like Entegra CU and Assiniboine CU merged. From the Entegra CU Merger Resource Centre:

We're getting stronger by coming together.

As of January 1, 2022, Entegra Credit Union has joined with Assiniboine Credit Union to create a stronger, more sustainable organization for every member.


Now that we have legally merged, you will notice the ACU brand gradually appearing on marketing materials, documents, and other branded materials over the next few months. Our website, app, online banking, and outdoor signage will remain the same until later in the spring, when the merging of our banking systems is complete. Entegra’s social media accounts are no longer active, and you will now receive email communications under the Assiniboine name.

The merged credit unions will continue as Assiniboine Credit Union.

February 5, 2022
11:54 am
Loonie
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Thanks. Sounds more like Ass. swallowed Entegra whole than a merger!

February 5, 2022
12:33 pm
Norman1
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Definitely doesn't look like a merger of equals. This is from the Entegra merger FAQ:

How will the Board of Directors be structured?

The Board of Directors for the new organization will comprise eight members from the current Assiniboine Board and two from the current Entegra Board.

February 5, 2022
12:44 pm
Loonie
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I think that's about the same ratio that Sunova got with Access.

With Sunova, they just announced that it would be so, and they even named the new directors. No election needed apparently. No info about how they were selected either.

I wonder if DGCM had anything to do with pushing this one through.

February 5, 2022
3:25 pm
Norman1
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It may not be DGCM.

According to the Winnipeg Press, Entegra CU is quite small:

Assiniboine Credit Union is the much larger of the two with more than 125,000 members, 16 branches 450 employees and $5.45 billion in assets at Dec. 31, 2020.

Entegra Credit Union has more than 16,000 members, four branches, 75 employees and $711 million in assets at Dec. 31, 2020.

Entegra CU may have saw a not-so-great future competing with the larger Assiniboine CU and Access CU with their four branches in Winnipeg.

February 5, 2022
3:37 pm
Loonie
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You can see how, with those kinds of numbers, it would likely be more efficient to merge. And I never thought there was much to choose between Outlook and Implicity, neither being especially attractive, at least to me. But the Sunova merger is a different picture.

February 6, 2022
5:52 am
Norman1
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For sure, Sunova CU created something unique in Hubert with the Hubert HISA and Hubert cashable one-year term deposit.

February 6, 2022
11:14 am
Loonie
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Norman1 said
For sure, Sunova CU created something unique in Hubert with the Hubert HISA and Hubert cashable one-year term deposit.  

They also have superior customer service and often have had best rates in past. I don't trust that these superior features will survive.

At one time, Accelerate and Hubert were quite close most of the time in terms of rates, but not any more. I believe Access went through another merger a year or two ago, which seems to have negatively affected Accelerate - not positive about that.

February 6, 2022
9:25 pm
Norman1
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Interesting observation about the negative impact after merger!

According to Why AcceleRate Financial?, AcceleRate didn't originate in Access CU. AcceleRate originated in Crosstown Civic CU that merged with Access CU at the start of 2021:

History of AcceleRate Financial

AcceleRate Financial launched in May of 2010 as a virtual division of Crosstown Civic Credit Union with the mandate to deliver high investment interest rates, regardless of available funds to invest. Our world class member service has earned praise from our members and throughout investment communities.

On January 1, 2021, Crosstown Civic Credit Union merged as equals with Access Credit Union. AcceleRate Financial is now a virtual division of Access Credit Union.

February 12, 2022
9:29 am
Doug
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Norman1 said
Interesting observation about the negative impact after merger!

According to Why AcceleRate Financial?, AcceleRate didn't originate in Access CU. AcceleRate originated in Crosstown Civic CU that merged with Access CU at the start of 2021:

History of AcceleRate Financial

AcceleRate Financial launched in May of 2010 as a virtual division of Crosstown Civic Credit Union with the mandate to deliver high investment interest rates, regardless of available funds to invest. Our world class member service has earned praise from our members and throughout investment communities.

On January 1, 2021, Crosstown Civic Credit Union merged as equals with Access Credit Union. AcceleRate Financial is now a virtual division of Access Credit Union.

  

Yes, I knew that, as I suspect many people on this forum already did know that as well. Access Credit Union was one of the early Manitoba credit unions to directly offer their services virtually to non-Manitoba residents when they launched a new core banking system and allowed non-Manitoba residents to open accounts virtually directly with Access Credit Union by selecting any "branch" as their Access CU branch. Most Manitoba CUs, save for a few, followed this move, which is why I suggested having a Manitoba CUs HISA chart because there's so many now that are fully accessible to all Canadians directly—including Niverville Credit Union, Rosenort Credit Union, and others.

They maintained AcceleRate Financial, likely because they did not have a separate virtual banking branch and it was still generating new memberships. With having two separate virtual banking branches, the membership and deposit growth rates, as well as potential cross-selling ability, will likely be heavily scrutinized in terms of deciding which brand is to survive.

Cheers,
Doug

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