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 inquiries can be forwarded to Access Credit Union Corporate Office:
VP, Marketing + Communications
Access Credit Union