Assiniboine Credit Union

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Assiniboine Credit Union
Credit Union
Industry Financial services
Key people
Kevin Sitka, President & Chief Executive Officer
Revenue Increase $125.8 million CAD (2013) [1]
Increase $17.1 million CAD (2013) [1]
Total assets Increase $3.6 billion CAD (2013) [2]
Members 110,000 (2013)[2]
Number of employees
522 (2013) [1]
Website assiniboine.mb.ca

Assiniboine Credit Union (ACU) is a credit union based in Winnipeg, Manitoba. ACU was formed in 1943 by 15 Winnipeg Electric Company employees who got together to form the credit union. They named the new credit union after the street their company headquarters was on--Assiniboine Avenue.[3] ACU has 25 branches in Winnipeg and Northern Manitoba.[4] The credit union merged with Astra and Vantis credit unions in 2007.[5] As of 2013, the credit union has $3.6 billion in assets under administration, over 500 employees and approximately 110,000 members.[1] ACU is a member of the World Council of Credit Unions and the Global Alliance for Banking on Values (GABV).

Branches[edit]

As of 2015 Assiniboine has 25 branches, 19 in Winnipeg as well as 1 in Thompson and Gillam both in northern Manitoba.

ACU's 25th branch was opened in 2012 in a new location on McGregor Street at College Avenue. This branch was placed in this low-income area of Winnipeg deliberately, in order to provide financial services to people ignored by the large commercial banks. The move by ACU to open up a branch in Winnipeg's North End in 2012 caused her Royal Highness Camilla, Duchess of Cornwall to tour the facility upon her visit to Winnipeg to learn more about Manitoba Credit Unions.[6] The area was previously unserviced by financial institutions for 10 years.

The branch at Red River Boulevard and Main Street in Winnipeg features environmental design, incorporating green building features such as geothermal cooling and heating, passive solar design, and insulation spun from rock.[7]

Mergers[edit]

On February 25, 2015, Access and Assiniboine credit unions proposed a merger, which if approved, would make the new entity the largest credit union in Manitoba by assets, branches and members – and the sixth largest in Canada.[8]

Mergers have been a large part of the history and success of credit unions over the years. Assiniboine’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 (ACU) in 1979.

Note: an asterisk following the date indicates mergers

Dates of subsequent mergers and merge partners are in brackets.

Source: Credit Union Central of Manitoba, August 2013

Growth[edit]

Decade Members Assets
1940 33 $2,500
1950 4,000 $2M
1960 6,000 $4.5M
1970 27,000 $85M
1980 35,550 $270M
1990 44,000 $500M
2000 55,000 $1B
2010 110,000 $4B

History[edit]

References[edit]

  1. ^ a b c d Assiniboine Credit Union 2013 Annual Report
  2. ^ a b Central Credit Union of Canada - Top 100 Largest Credit Unions - Results Q4 2012
  3. ^ "Assiniboine Credit Union: Canada". Global Alliance - For Banking on Values. Retrieved October 10, 2014. 
  4. ^ "Locations and Hours of Service". Assiniboine Credit Union. Retrieved 2015-04-24. 
  5. ^ Manitoba credit unions vote to merge. The Canadian Press. 29 Sept. 2006.
  6. ^ "ACU Employees Align With ACU Values". Assiniboine Credit Union. November 25, 2014. Retrieved 2015-04-24. 
  7. ^ Dasgupta, Ashoke. Winnipeg airport takes LEED role in design: Airport authority and Assiniboine Credit Union both go 'green'. Business Edge News Magazine. 25 May 2006.
  8. ^ "Urban & rural credit unions propose merger" (PDF). Assiniboine Credit Union. Feb 25, 2015. Retrieved 2015-04-24. 

External links[edit]