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Manitoba—The Boards of Directors of Access Credit Union, Noventis Credit Union, and Sunova Credit Union are pleased to announce their memberships' approval of the proposal to merge. The vote results were shared at each credit union’s Special Meeting of Members hosted online the evening of January 27, 2022.

Voting took place online between January 25th and 27th. Each credit union achieved the required two-thirds majority vote for membership to accept the Special Resolution.

The membership vote followed the completion of due diligence activities and a subsequent recommendation to merge from the Boards of Directors of all three organizations. The positive vote means that the three credit unions will become one entity, known as Access Credit Union, effective July 1, 2022.

“I am thankful to our membership for their overwhelming show of support for this merger and in the many conversations we have had over the past few months,” said Ingrid Loewen, Board Chair of Access Credit Union. “We’re excited by this outcome because of the opportunities the merger will bring to our members, employees, and local communities.”

Paul Cuthbert, Board Chair for Noventis Credit Union, added, “We pursued this merger because we believe that together we can build a stronger credit union, not just today, but for future generations. As there is very little geographical overlap in branches, the merger of these three credit unions means that we will maintain a strong branch presence and continued community support.”

Amalgamating as one credit union provides the opportunity to take advantage of shared technology and member service channels, while continuing to invest in technological enhancements. The credit union will continue to deliver local, personalized financial services to individuals, businesses, and to the farm community.

As Kevin Beresford, Sunova Board Chair, noted, “Our combined credit union will be stronger and will have more capacity to return direct financial benefits to our members. This merger is really about the future; as the landscape in financial services continues to evolve, this partnership will enable us to exceed expectations for our members and the communities we serve.”

The merged credit union will have more than $9 billion in assets, over 168,000 members, nearly 800 employees, and 52 branch locations. The added scale and resources will allow the amalgamated credit union to invest more in the technology, products, and services that members and local businesses now expect and need. The organization will be well-positioned to operate effectively in today’s competitive marketplace, while offering a flexible patronage program designed to reward members for their loyalty.


About Access Credit Union
Access Credit Union was incorporated in 2021 following a merger with Crosstown Civic Credit Union. The current assets exceed $6 billion. The credit union serves 92,000 members through 26 service delivery offices spread across southern Manitoba and Winnipeg. Access is currently the second largest credit union in Manitoba. For more information about Access Credit Union, visit www.accesscu.ca.

About Noventis Credit Union
Noventis Credit Union was incorporated in 2010 following a series of mergers and currently serves 28,000 members with $1.14 billion in assets across 12 branches throughout the Interlake and west of Winnipeg. Noventis is the 10th largest credit union in Manitoba. For more information about Noventis Credit Union, visit www.noventis.ca.

About Sunova Credit Union
Sunova Credit Union was incorporated in 1955 and has grown to serve 49,700 members with $2.3 billion in assets across 14 branches located in Winnipeg, eastern Manitoba, and the South Interlake region. Sunova is the fifth largest credit union in Manitoba. For more information about Sunova Credit Union, visit www.sunovacu.ca.


Media Contact

All media inquiries should be forwarded to:

Dawn Borges
VP, Marketing + Communications
Access Credit Union
204.781.6163
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Amanda Wilson
Manager, Marketing and Communication
Noventis Credit Union
204.953.2330
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Vanessa Foster
Director, Creative Strategy
Sunova Credit Union
204.485.1302
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Manitoba – Back in September, the Boards of Directors for Access Credit Union (AcceleRate Financial's parent company), Noventis Credit Union and Sunova Credit Union announced that merger discussions were underway thanks to a shared vision and collective commitment to growth and sustainability between all three organizations.
 
After completion of the due diligence and a careful review of the business case for this proposed endeavour, the boards for all three organizations have signed an amalgamation agreement that formalizes the intentions to merge. Therefore, the three respective credit union memberships will have an opportunity to vote on the merger January 25-27, 2022.
 
Leading up to the membership vote, members of all three credit unions will have the opportunity to continue asking questions, attend virtual member forums in early January and gather information.
 
“Throughout this process, we made a commitment to engage with our members and employees, to gather feedback and answer questions. The feedback from these groups is highly valuable and critical to this process,” said Kevin Beresford, Board Chair for Sunova Credit Union.
 
From the beginning, the involved credit unions knew that aligning with like-minded partners was key to the potential mergers’success. With rich histories and values that are rooted in community and relationships, alongside a drive to ensure longevity, growth, and exceptional service  experiences for members and communities, each of the credit unions are confident that this partnership offers tremendous benefit and opportunity for all.
 
Memberships of each credit union will benefit from potentially enhanced offerings, such as highly competitive rates and fees, streamlined account package options and a flexible patronage program designed to thank members with cash rewards for their loyalty. Members will also enjoy an expanded branch network within Winnipeg and rural Manitoba, an expanded virtual presence, enhanced online banking solutions, and investment in new technology.
 
“Our members make us who we are, and it is our goal to put their best interests at the forefront of the decisions we make,” shared Ingrid Loewen, Board Chair from Access Credit Union. The current employees of all three credit unions are guaranteed a position within the merged credit union, will enjoy a competitive benefits package, and will have new opportunities for career development and advancement. This means that the familiar and smiling faces the members are used to seeing in their branches will still be there to continue offering exceptional service.
 
All three credit unions are passionate about our commitment to community, and that will continue to be prioritized by the new organization moving forward. This will include offering increased support for local businesses, strengthened community support and engagement, and broadened financial and volunteer support for local charities and organizations.
 
“Credit Unions are built on the foundation of community, and we are committed to continuing to build strong community in our expanded area,” noted Paul Cuthbert, Board Chair of Noventis Credit Union.
 
The member vote is scheduled to take place virtually, from January 25th through 27th, 2022. If the members vote in favour, the newly merged credit union will begin to integrate their operations as Access Credit Union effective July 1st, 2022.



ABOUT ACCESS CREDIT UNION

Access Credit Union was incorporated in 2020 following a merger with Crosstown Civic Credit Union. The current assets exceed $6 billion. The credit union serves 92,000 members through 26 service delivery offices spread across southern Manitoba and Winnipeg. Access is currently the 2nd largest credit union in Manitoba. For more information about Access Credit Union, visit www.accesscu.ca.

ABOUT NOVENTIS CREDIT UNION
Noventis was incorporated in 2010 following a series of mergers and currently serves 28,000 members with $1.14 billion in assets across 12 branches through out the Interlake and west of Winnipeg. Noventis is the 10th largest credit union in Manitoba. For more information about Noventis Credit Union, visit www.noventis.ca.

ABOUT SUNOVA CREDIT UNION
Sunova was incorporated in 1955 and has grown to serve 49,700 members with $2.3 billion in assets across 14 branches located in Winnipeg, eastern Manitoba and southern Interlake region. Sunova is the 5th largest credit union in Manitoba. For more information about Sunova Credit Union, visit www.sunovacu.ca.
 

Media Contact
Media inquiries can be forwarded to Access Credit Union Corporate Office:

Dawn Borges
VP, Marketing + Communications
Access Credit Union
204.781.6163
This email address is being protected from spambots. You need JavaScript enabled to view it.

In the time since our respective Boards of Directors announced the potential merger between Access Credit Union (AcceleRate Financial's parent company), Noventis Credit Union, and Sunova Credit Union, we’ve received a lot of great feedback via email, social media, and in-branch.

The discussion surrounding Connecting Manitoba has been honest, engaging, and helpful in assisting our boards in the decision-making process. We value all feedback and comments that have been made so far.

As part of our continued due diligence, we are asking our members to fill out an anonymous survey to gather formal feedback and input, which will be valuable as we determine next steps, make those larger decisions, and work towards the membership-wide vote in the new year.

As a token of our appreciation for filling out the survey on behalf of Access Credit Union, you can enter to win a $100 cash prize and a gift basket of branded goodies. To qualify, please complete the survey before the deadline on Friday, November 19th at 5:00 p.m. CST. All survey responses will remain anonymous.

MB – The Boards of Directors for Access Credit Union (AcceleRate Financial's parent company), Noventis Credit Union and Sunova Credit Union are pleased to announce that they are currently engaged in discussions regarding the potential for a merger between the three organizations.

Leaders from Access, Noventis and Sunova began discussions in January 2021 after each organization recognized that ongoing change was necessary for continued growth and to ensure value for their members in an increasingly competitive environment. Since then, the teams have completed initial reviews and evaluation that has revealed this potential partnership is worth exploring for the benefit of their members, employees, and communities.

As part of their continuing due diligence, each credit union will encourage broad participation by engaging with their members and employees. This will be valuable as they determine their next steps, and the boards prepare to make a recommendation to their respective memberships.

“During these preliminary discussions, we realized our values and cultures were very much aligned. We believe that by working together, we can continue to provide competitive products and services for our respective memberships now, and into the future, as well as great opportunities for all of our employees.”, noted Sunova Board Chair Kevin Beresford.

Noventis Board Chair Paul Cuthbert said the new entity will continue to have a strong focus on serving the community. “Building strong community is important to each of our organizations and this merger would provide the capacity for a stronger community investment program now and into the future.”

“We are very excited about the potential of this partnership and therefore, decided to share this exciting news with our employees, members and our communities at this early stage in the process. All three credit unions have a strong commitment to putting the needs of our members first and to maintain value for our memberships,” shared Ingrid Loewen, Board Chair for Access Credit Union. “As we proceed through the exploration stage, developing a detailed business case, we look forward to our potential future together. We will continue to engage and inform our employees and members as things progress and confirm our final recommendation to the members later this year.”

Following completion of the due diligence process, if the Board of Directors from all three organizations choose to recommend a merger, they will seek membership approval in the winter of 2022.

ABOUT ACCESS CREDIT UNION
Access Credit Union was incorporated in 2020 following a merger with Crosstown Civic Credit Union. The current assets exceed $6 billion. The credit union serves 92,000 members through 26 service delivery offices spread across southern Manitoba and Winnipeg. Access is currently the 2nd largest credit union in Manitoba. For more information about Access Credit Union, visit www.accesscu.ca.

ABOUT NOVENTIS CREDIT UNION
Noventis was incorporated in 2010 following a series of mergers and currently serves 28,000 members with $1.14 billion in assets across 12 branches through out the Interlake and west of Winnipeg. Noventis is the 10th largest credit union in Manitoba. For more information about Noventis Credit Union, visit www.noventis.ca.

ABOUT SUNOVA CREDIT UNION
Sunova was incorporated in 1955 and has grown to serve 49,700 members with $2.3 billion in assets across 14 branches located in Winnipeg, eastern Manitoba and southern Interlake region. Sunova is the 5th largest credit union in Manitoba. For more information about Sunova Credit Union, visit www.sunovacu.ca.

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