Proposed Access and Assiniboine Credit Union Merger Defeated | Outlook Financial | Discussion forum

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Proposed Access and Assiniboine Credit Union Merger Defeated
April 23, 2015
10:21 am
Bear
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Winnipeg, Manitoba – April 22, 2015
The proposed merger of Access and Assiniboine Credit Unions was narrowly defeated tonight when members of Access Credit Union decided they could not support their Board of Directors' special resolution to merge with Assiniboine Credit Union.

At their annual meeting in Winkler, just over 700 Access Credit Union members voted 63.2% in favour of the merger. However for the motion to pass, two-thirds or 66.6% of the total votes cast would have to have supported the merger. Simultaneously, 518 members of Assiniboine Credit Union voted at their annual meeting in Winnipeg and voted 95% in favour the merger.

Board Chairs Margaret Day of Assiniboine and Darryl Loewen of Access said they were both disappointed by the outcomes, but in a co-operative business model like a credit union the membership has the final say.

"While as a board we firmly believed the merger would make two strong credit unions stronger, our members felt otherwise," Loewen.

Loewen added that their board will carefully review the outcome of tonight's vote to see exactly what members didn't like about the merger and how to proceed.

"Clearly not enough of their membership felt they could support the proposal and we respect that," said Day.

Had the proposed merger been supported the new entity would have been the largest credit union in Manitoba by assets, branches and members – and the sixth largest in Canada.

Assiniboine Credit Union has 112,806 eligible voting members while Access Credit Union has 42,050.

September 14, 2015
8:58 am
kanaka
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Even though it was defeated...it still will happen. Apparently the vote from Assiniboine members accepted it while Access members did not. You can Google to see the reasons why Access members defeated the merger.

September 14, 2015
8:32 pm
frizun
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There is another vote set for Sept. 16 on a revamped merger proposal.
I guess we'll see what happpens.

September 16, 2015
1:58 pm
Yatti420
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Interesting reasons for turning down the offer.. I would expect this to go through next vote..

September 16, 2015
9:17 pm
frizun
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Looks like the merger proposal was defeated again.
I guess if people have time to think things over, dissension may fester.

September 17, 2015
8:07 am
kanaka
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Interesting ..... http://www.cbc.ca/news/canada/.....-1.3231588

Often when there is a merger it is due to financial difficulties. Is that the case with either Access or Assiniboine?

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