Access, Crosstown Civic credit unions to merge

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This article was published 07/07/2020 (882 days ago), so information in it may no longer be current.

Two Manitoba credit unions will soon be teaming up, which adds up to a bright future for all their members.

Access Credit Union and Crosstown Civic Credit Union are merging together, as announced by their boards of directors on June 25.

Members had the chance to vote online and in branches from June 23 to 25. In total, 77 per cent of Access members and 87 per cent of Crosstown Civic members voted in favour of the amalgamation.

Supplied photo Larry Davey is president and CEO of Access Credit Union, which is merging with Crosstown Credit Union.

As a result of the positive vote, the two credit unions will become one entity as of Jan. 1, 2021, under the name Access Credit Union for the new formation.

The current Access Credit Union serves southern Manitoba with 17 branches, including one in Sanford. It’s the fourth largest credit union in Manitoba with 260 employees, more than 52,000 members and more than $2.96 billion in assets, according to unaudited financial results from May 2020.

Crosstown Credit Union serves Winnipeg with nine branches. It’s the fifth largest credit union in Manitoba with 160 employees, more than 37,000 members and more than $2.58 billion in assets.

When the two credit unions merge into one, they will bring together a combined $5.5 billion in assets, with more than 89,000 members, more than 400 employees and 26 full-service branches.

Larry Davey is the president and CEO of the current Access Credit Union, and he will remain in the role for the combined new Access Credit Union following the merger.

“One of the benefits that we saw in coming together with Crosstown Civic is they’re a strong proponent of community support. The strength of the two organizations coming together allows

us to maintain our branches in our communities,” he said.
“In addition, the strength allows us to continue to roll out newer technology for our members.”
If any local members have questions, Davey said they can inquire at the Sanford branch located at 7 Mellow St.

“Crosstown Civic has been a strong proponent of paying patronage refunds every year and the business case has displayed that the new organization should be able to pay patronage back to its patrons each year as well, so the Access members will see that as a big benefit,” he added.

“The scale of the two organizations being together also allows us to save on things like the banking system. Because we’re bringing it together, that scale gets us savings through the provider.”

Davey assures Sanford members that the community support and benefits will remain the same.

“We can maintain the branches,” he said. “At the same time, we can pay patronage and we can roll out even stronger technology moving forward.”

More information about Access Credit Union and the merger is available at www.accessu.ca

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