Assiniboine Credit Union
TypeCredit Union
IndustryFinancial services
Founded1943
Headquarters,
Number of locations
18
Key people
  • Kevin Sitka, President & CEO
  • Crystal Laborero, Board Chair
Revenue
  • Decrease $152.3 million CAD (2020)
  • Decrease $21.5 million CAD (2020)
Total assetsIncrease $5.45 billion CAD (2020)[1]
Members126,000 (2018)[2]
Number of employees
500 (2018) [2]
Websiteassiniboine.mb.ca
Footnotes / references
[1] [2]

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.[3][4] They named the new credit union after the street their company headquarters was on—Assiniboine Avenue.[4]

ACU now has 18 branches in Winnipeg and Northern Manitoba.[5] ACU merged with Astra and Vantis credit unions in 2007.[6]

Branches

As of 2021, Assiniboine Credit Union has 18 branches: 14 in Winnipeg and 2 in northern ManitobaThompson and Gillam.[7]

As of 2020, 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.[8]

The North End location was opened in 2012, on McGregor Street at College Avenue, as the area was previously unserviced by financial institutions for 10 years.[8] Camilla, Duchess of Cornwall toured the facility upon her visit to Winnipeg to learn more about Manitoba Credit Unions.[9]

History

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.[3][4] 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.[3]

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

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.[10][11][12] 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.[11]

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

Awards

Awards received by ACU include:[13]

References

  1. ^ a b c d ACU 2020 annual report
  2. ^ a b c "Assiniboine Credit Union 2018 Annual Report". Assiniboine Credit Union. Retrieved 2019-04-05.
  3. ^ a b c ACU. "ACU - Our Roots". www.acu.ca. Retrieved 2021-05-28.
  4. ^ a b c "Assiniboine Credit Union: Canada". Global Alliance - For Banking on Values. Retrieved October 10, 2014.
  5. ^ "Locations and Hours of Service". Assiniboine Credit Union. Retrieved 2016-07-28.
  6. ^ Manitoba credit unions vote to merge. The Canadian Press. 29 Sept. 2006.
  7. ^ ACU. "ACU - About". www.acu.ca. Retrieved 2021-05-28.
  8. ^ a b "Assiniboine Credit Union to open branch in North End: Institutions had abandoned area". Winnipeg Free Press. 20 October 2011. Retrieved 2020-09-10.
  9. ^ "Royal visit 2014: How Camilla found her niche". CBC Manitoba. 21 May 2014. Retrieved 2020-09-10.
  10. ^ "Assiniboine Credit Union and Entegra Credit Union propose merger". Assiniboine Credit Union. Retrieved 2021-07-03.
  11. ^ a b "An important message for all members: we're getting stronger by coming together". Assiniboine Credit Union. Retrieved 2021-07-03.
  12. ^ "Assiniboine, Entegra credit union boards agree to merge". Winnipeg Free Press. 2021-06-30. Retrieved 2021-07-03.
  13. ^ ACU. "ACU - Awards". www.acu.ca. Retrieved 2021-05-28.