Assiniboine Credit Union
 | This article contains promotional content. (August 2023) |
 | |
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1943 |
| Headquarters | , Canada |
Number of locations | 18 |
Area served | Winnipeg and northern Manitoba, Canada |
Key people | |
| Revenue |  C$189.8 million (2022)[2] |
| C$38.5 million (2022)[2] | |
| Total assets | C$6.10 billion (2022)[2] |
| Members | 140,000 (2022)[3] |
Number of employees | 500 (2018)[4] |
| Divisions | Outlook Financial |
| Website | acu |
Assiniboine Credit Union (ACU) is a credit union based in Winnipeg, Manitoba.
ACU was formed in 1943 by 15 employees of the Winnipeg Electric Company who got together to form the credit union.[5][6] They named the new credit union after the street their company headquarters was on—Assiniboine Avenue.[6]
ACU now has 18 branches in Winnipeg and northern Manitoba.[7] ACU merged with Astra and Vantis credit unions in 2007.[8]
Branches
[edit]As of 2024[update], Assiniboine Credit Union has 18 branches: 16 in Winnipeg and 2 in northern Manitoba—Thompson and Gillam.[9]
As of 2020[update], ACU has three community economic development, one in Gillam and the other two in the West Broadway and North End neighborhoods of Winnipeg.[1]: 26 These branches are deliberately placed in low-income areas in order to provide financial services to those ignored by the large commercial banks.[10]
The North End location was opened in 2012, on McGregor Street at College Avenue. Camilla, Duchess of Cornwall toured the facility during her visit to Winnipeg to learn more about Manitoba Credit Unions.[11]
History
[edit]In 1943, under the backdrop of World War II and its impact on the world's economies, Ed McCaffrey and 8 co-workers from the Winnipeg Electric Company formed Assiniboine Credit Union, naming it after the street its headquarters was on—Assiniboine Avenue.[5][6] Many Manitobans at the time were subjected to high interest rates charged by money lenders. McCaffrey and his colleagues thereby established ACU as an open bond credit union that welcomed everyone in the community to join.[5]
In 2020, Assiniboine Credit Union received its B Corporation certification, after received an assessment score of 166.4, the highest in Canada and 6th highest in the world among over 3,500 certified B Corps.[1]: 5
Mergers
[edit]Mergers have been a large part of the history and success of credit unions over the years. ACU's history of mergers began in 1948, when Winnipeg Postal District Employees and Federal Employees of Manitoba merged with Keystone Credit Union, which ultimately merged with Assiniboine Credit Union in 1979.
On 24 June 2021, Assiniboine Credit Union signed a formal agreement to merge with Entegra Credit Union, followed by a public announcement 5 days later.[12][13][14] Formally taking effect on 1 January 2022, the new entity will retain the Assiniboine Credit Union name; likewise, the current President and CEO of ACU, Kevin Sitka, will head the new credit union, while the CEO of Entegra, Brent Turman, will become Chief Operations and Strategic Initiatives Officer.[13]
| Date | Credit union merger | Later merger |
|---|---|---|
| 1938 | The Pool Credit Union Society Ltd. | Hy-Line 2001 |
| 1938 | St. Alphonsus Credit Union Society Ltd. | Assiniboine 1982 |
| 1939 | Burns Employees Credit Union | Assiniboine 1998 |
| 1943 | Assiniboine Credit Union Society Ltd. | |
| 1943 | La Caisse Populaire de St-Norbert | Hy-Line 1989 |
| 1944 | Airline Credit Union Society Ltd. | Assiniboine 1983 |
| 1946 | Winnipeg Postal District Employees Credit Union Society Ltd. | Keystone 1948 |
| 1947 | Federal Employees of Manitoba Credit Union Society Ltd. | Keystone 1948 |
| 1947 | Keystone Credit Union | Assiniboine 1979 |
| 1948 | Manitoba Power Commission (MPC) Credit Union Society Ltd. | |
| 1948* | Winnipeg Postal District Employees and Federal Employees of Manitoba | merge with Keystone |
| 1949 | Aircrafters Credit Union Society Ltd. | Airline 1981 |
| 1949 | Buffalo Credit Union Society Ltd. | Assiniboine 2008 |
| 1949 | Decibel Credit Union Society Ltd. | Hy-Line 2002 |
| 1951 | Fort Rouge Railway Employees Credit Union Society Ltd. | Hy-Line 1989 |
| 1951 | Public Press Employees Credit Union Society Ltd. | Astra 1991 |
| 1952 | Ogilvie's Employees Credit Union Society Ltd. | Assiniboine 1982 |
| 1957 | Manitoba Sugar Employees Credit Union Society Ltd. | Hy-Line 1989 |
| 1958 | Astra Credit Union Society Ltd. | Assiniboine 2007 |
| 1960 | A.F & D.C. Credit Union Society Ltd. | Assiniboine 1978 |
| 1962 | Continental Can Employees Credit Union Society Ltd. | Assiniboine 1982 |
| 1962 | Hy-Line Credit Union Society Ltd. | Vantis 2002 |
| 1962* | MPC Credit Union merges with Hy-Line Credit Union | |
| 1964 | Hansa Credit Union Society Ltd. | Assiniboine 1991 |
| 1964 | St. James Community Credit Union Society Ltd. | Astra 1969 |
| 1966 | Pinawa Credit Union Credit Union Society Ltd. | Keystone 1975 |
| 1969* | St. James Community merges with Astra | |
| 1975* | Pinawa merges with Keystone | |
| 1978* | A.F. & D.C. merge with Assiniboine | |
| 1979* | Keystone merges with Assiniboine | |
| 1980 | The Professional Financial Savings Credit Union Ltd. | Assiniboine 1988 |
| 1981* | Aircrafters merges with Airline | |
| 1982* | St. Alphonsus, Continental Can and Ogilvie merges with Assiniboine | |
| 1983* | Airline merges with Assiniboine | |
| 1988* | Professional Financial Savings merges with Assiniboine | |
| 1989* | Fort Rouge Railway, Manitoba Sugar and La Caisse populaire de St-Norbert merge with Hy-Line | |
| 1991* | Hansa merges with Assiniboine | |
| 1991 | Public Press merges with Astra | |
| 1998* | Burns merges with Assiniboine | |
| 2001* | The Pool merges with Hy-Line | |
| 2002* | Hy-Line and Decibel merge to create Vantis Credit Union | |
| 2007* | Vantis and Astra merge with Assiniboine | |
| 2008* | Buffalo merges with Assiniboine |
Dates of subsequent mergers and merge partners are in brackets.
Source: Credit Union Central of Manitoba, August 2013See also
[edit]References
[edit]- ^ a b c d ACU 2020 annual report
- ^ a b c "Consolidated Financial Statements - December 31, 2022" (PDF). Assiniboine Credit Union. 1 March 2023. Retrieved 29 August 2023.
- ^ "ACU Membership". Assiniboine Credit Union. Retrieved 29 August 2023.
- ^ "Assiniboine Credit Union 2018 Annual Report". Assiniboine Credit Union. Retrieved 5 April 2019.
- ^ a b c ACU. "ACU - Our Roots". www.acu.ca. Retrieved 28 May 2021.
- ^ a b c "Assiniboine Credit Union: Canada". Global Alliance - For Banking on Values. Retrieved 10 October 2014.
- ^ "Locations and Hours of Service". Assiniboine Credit Union. Retrieved 28 July 2016.
- ^ Manitoba credit unions vote to merge. The Canadian Press. 29 September 2006.
- ^ ACU. "About ACU". Assiniboine Credit Union. Retrieved 24 April 2024.
- ^ "Assiniboine Credit Union to open branch in North End: Institutions had abandoned area". Winnipeg Free Press. 20 October 2011. Retrieved 10 September 2020.
- ^ "Royal visit 2014: How Camilla found her niche". CBC Manitoba. 21 May 2014. Retrieved 10 September 2020.
- ^ "Assiniboine Credit Union and Entegra Credit Union propose merger". Assiniboine Credit Union. Archived from the original on 29 June 2021. Retrieved 3 July 2021.
- ^ a b "An important message for all members: we're getting stronger by coming together". Assiniboine Credit Union. Archived from the original on 9 July 2021. Retrieved 3 July 2021.
- ^ "Assiniboine, Entegra credit union boards agree to merge". Winnipeg Free Press. 30 June 2021. Retrieved 3 July 2021.