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Email this2:10 pm
November 3, 2022
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Just received an email from Westoba Credit Union that they are considering merging with Assiniboine Credit Union and Caisse Financial Group. Details can be found here:
https://collaborationmb.ca/eng
The urge to merge in Manitoba continues!
2:52 pm
October 27, 2013
Online
On the latest list of 100 largest CUs outside Quebec, that would mean #15 plus #31 plus #36 merging to become a new #6.
That would put it up in the same league as Steinbach and Access, and likely cause many of the remaining 9 or so to more rapidly find a dancing partner. If one really thinks about it, why would a province of 1.4 million population (the population of metro Calgary) have more than 3-6 CUs anyway?
8:41 am
November 18, 2017
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There's a tradition of small, local credit unions serving a specialized population. Sometimes even workers at a particular employer.
But this may not be the case much longer, the way things are going.
RetirEd
1:58 pm
January 3, 2009
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It's like the traditional credit union is going the way of the wooden grain elevator. In the end it only benefits the few at the expense of the many and why credit unions are supposed to turn a profit now.... the entire credit union model is dead.
2:19 pm
April 6, 2013
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I'm not surprised when those specialized populations no longer have the challenges that the credit unions used to help with.
Credit unions certainly don't add anything by offering "me-too" products that the large banks already offer. For example, personal bank accounts that nickel-and-dime like the ones offered by the large banks.
3:11 pm
October 27, 2013
Online
phrank said
It's like the traditional credit union is going the way of the wooden grain elevator. In the end it only benefits the few at the expense of the many and why credit unions are supposed to turn a profit now.... the entire credit union model is dead.
It is not about profit. It is about making enough in the spread to keep the lights on, and at the same time delivering competitive deposit and loan rates, and other services. If the aggregate of those things do not happen, there is no reason for members to stay.
3:36 pm
January 3, 2009
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AltaRed said
It is not about profit. It is about making enough in the spread to keep the lights on, and at the same time delivering competitive deposit and loan rates, and other services. If the aggregate of those things do not happen, there is no reason for members to stay.
From my experience and people in the industry I know, that's not the case. It's about increasing the bottom line and overall sphere of power. Of course I'm sure some happen exactly for the reasons you outline, but I don't believe that's always the case and I know from first hand knowledge cases where concerns of the membership had nothing to do with it.
In this particular case have no idea what I'm talking about and was expressing my general disdain. So you could be 100% on your analysis with regards to MAXA and many others in this situation.
3:38 pm
January 3, 2009
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Norman1 said
I'm not surprised when those specialized populations no longer have the challenges that the credit unions used to help with.Credit unions certainly don't add anything by offering "me-too" products that the large banks already offer. For example, personal bank accounts that nickel-and-dime like the ones offered by the large banks.
You're so right in that aspect. The sense of community service provided in the past in many industries doesn't seem to exist much if at all anymore.
4:04 pm
April 6, 2013
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Organizations can change over time and not always for the better. Sometimes, there is more talk than walk that matches up to the talk.
I wrote this about Vancity a while back. The article VanCity, I’m so tired of you mentioned is a dose of reality:
Norman1 said (March 2016)
VanCity is still around. I looked at them decades ago when all the glowing write-ups were sprouting up all over the press.I think they were leaders because of their size. I don't remember their products being so outstanding that I wished I lived on the west coast and could become a member. I suspected there was more feel-good hype than substance.
I just had a look. VanCity Jumpstart High Interest Savings account pays 0.7% per annum. Withdrawals are a hefty $5 each!
Wonder what their members think when they hear about Tangerine's savings account: 0.8% and unlimited free withdrawals.
VanCity one-year non-redeemable GIC: 1.05% (1.2% if one "qualifies"). Peoples Trust (also in Vancouver) one-year GIC is 1.95%, everyone qualifies.
I found this article VanCity, I’m so tired of you by one VanCity member who eventually discovered that HSBC and Bank of Montreal (two profit-hungry banks) were more useful and helpful.
12:18 pm
December 12, 2009
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AltaRed said
On the latest list of 100 largest CUs outside Quebec, that would mean #15 plus #31 plus #36 merging to become a new #6.That would put it up in the same league as Steinbach and Access, and likely cause many of the remaining 9 or so to more rapidly find a dancing partner. If one really thinks about it, why would a province of 1.4 million population (the population of metro Calgary) have more than 3-6 CUs anyway?
#7 or #8, as you missed the expected consummation of Servus and Connect First credit unions in Alberta. I expect Alberta to have only a single, provincial credit union within 5 years. 
Cheers,
Doug
1:19 pm
October 27, 2013
Online
Servus is #4 and the addition of First Connect #11 would still leave the MB merger at #6. Servus would just move up the order to #2 or #3.
SK and MB are both outliers with circa 14 CUs each serving populations of about 1.5 million each.
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