Assiniboine to close two branches
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Hey there, time traveller!
This article was published 11/06/2016 (3382 days ago), so information in it may no longer be current.
Assiniboine Credit Union plans to close two of its downtown branches this fall and merge them with its head office on Main Street south.
In a letter sent to members of the branches in the Medical Arts Building on Kennedy Street and the Union Centre on Broadway, president and CEO Kevin Sitka said both branches will close Oct. 14. Their operations will be transferred to the head office at Main Street and York Avenue.
“We continually examine our network to be sure that branches are not over-represented in any geography,” Sitka said. “The board of directors made the decision to close the Buffalo and Medical Arts branches, consolidating our downtown branch presence.”
Sitka said the credit union first informed members of its intentions to merge the three downtown branches at its annual general meeting in April.
He reiterated the main reason is the board feels it’s no longer necessary to have three downtown branches, especially when two of them were within a couple of blocks of one another.
Another factor was the Manitoba Liquor & Lotteries acquisition last year of the Medical Arts building, and its plans to renovate and expand the building.
“It’s not like each of our locations isn’t important,” he said. “But this did allow us an opportunity to… take a look at the downtown area and how we are providing services.”
Sitka said the credit union expects to find jobs at its 16 Winnipeg branches for the 20 employees who will be affected.
In other news, members of the Austin and Portage credit unions voted to amalgamate their two institutions.
“Our board and management groups put together a proposal that we believed would benefit our members, employees and communities — and with these votes, members validated that belief,” Portage CEO Dave Omichinski said.
Austin board president Mike Vercaigne said the merger follows a trend in Canada. “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 new credit union with $525 million in assets, 17,500 members, and branches in Austin, Gladstone, MacGregor, Plumas, Oakville and Portage la Prairie.
The amalgamation will take effect Jan. 1, 2017, subject to regulatory approval.
— Murray McNeill