Three of Manitoba’s credit unions merged late last year .. Assiniboine Credit Union, Astra Credit Union and effect January 1, 2007 they are now operating under the Assiniboine Credit Union name. Their website claims that everything should be integrated by April 2, 2007 however (click the above graphic).
Come January the new Assiniboine Credit Union will have 23 branches across Winnipeg and one each in Thompson and Gillam. It will employ 521 employees, represent 100,000 members and is projected to have $1.8 billion in combined assets by December 2006. It will be directed by a new board of directors made up of six existing Assiniboine board members and three board members from each of the Astra and Vantis boards. All remaining board members will retire at the end of 2006.
â€œOur first job is to spend the next few months integrating our internal systems and our staff so that we can continue to offer the great service our members value so much,â€ said Ian Dark, CEO of Astra who will retire at the end the year. There will be no staff layoffs as a result of the merger. In fact the merger creates greater opportunities for employees, Dark said.