August 29, 2015


Business

Three credit unions opt to merge

Members at a trio of western Manitoba credit unions have voted to merge.

At meetings Monday through Wednesday evenings, members of the Dauphin Plains, Roblin and Ethelbert credit unions have agreed to come together as one. Parkland Credit Union is the working moniker for the proposed entity, although the new board will be open to suggestions

This decision follows a trend here and across the country, said Albert Paziuk, president of Ethelbert Credit Union. "Credit unions large and small are increasingly seeing amalgamations as a way to respond to the rapid and highly competitive changes in our industry."

The amalgamation creates a bigger entity with $337 million in assets, 13,400 members, 85 employees and seven branches in the Parkland region. It is subject to regulatory approval and is expected to close next July. Assuming that happens, there will be 39 credit unions in Manitoba, with 190 branches, assets of $20.8 billion and nearly 600,000 members.

Ethelbert is located northwest of Dauphin while Roblin is west of Dauphin near the Saskatchewan border.

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