Assiniboine Credit Union to open branch in North End

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This article was published 20/10/2011 (5111 days ago), so information in it may no longer be current.

After losing 10 bank branches in 15 years, the North End is getting some of its financial mojo back.

On Wednesday, the Assiniboine Credit Union announced it will open a branch in early 2012 on McGregor Street near Mountain Avenue.

Those were words of joy for Judy Wasylycia-Leis, the former Winnipeg North MP who fought the big banks’ exodus from the North End.

“When this bank left, it began a series of abandonments by big banks,” said Wasylycia-Leis, standing inside the former Royal Bank branch and holding a photo of it before it closed 15 years ago.

Over time, all of the banks shuttered their operations in the North End and moved to higher-income areas, said Wasylycia-Leis, who organized rallies of fellow residents and railed against the bank closures in the House of Commons. The North End’s 40,000 residents — a high proportion of whom are seniors — were left without access to regular financial services, she said.

“The huge gap was filled by payday-loan operators,” Al Morin, Assiniboine’s president and CEO said inside the former bank.

“They’re exploitative and very expensive for local people to use,” said Garry Loewen, chairman of the credit union board.

Before the credit union’s board of directors approved the North End branch — Assiniboine’s 25th — the credit union had to bring in $6 million worth of new business, Loewen said. They got help from the Winnipeg Foundation and North End boosters and investors such as Pollock Hardware, lawyer David Golub, Neechi Foods Co-op and Kinew Housing.

Businesses and residents applauded the news Wednesday.

“Can you imagine living and working in an area without financial services?” asked Arthur Gunn, of Gunn’s Bakery on nearby Selkirk Avenue. “We’ve seen, one by one, banks abandon our area.”

Joey Champagne was a customer of the Royal Bank at McGregor and College Avenue when it closed.

“I was ticked off,” recalled the 37-year-old father of three walking his dog on College. The lifelong North Ender had to go to a Royal Bank branch downtown after the closure, he said. He used a payday-loan company once and felt “ripped off,” he said.

As soon as the credit union opens in its place, Champagne and his wife will open an account there, he said. And they’ll be transferring their kids’ savings accounts over to the new credit union as well, said Champagne.

“We really need one,” said Bev Ravensmith, walking down McGregor with a cane Wednesday morning. She has a hard time getting to her credit union downtown by bus and has used nearby payday-loan outfits to cash cheques in the past, she said.

“They’re gougers,” said the North End resident.

carol.sanders@freepress.mb.ca