Assiniboine Credit Union
 | |
| Credit Union | |
| Industry | Financial services |
| Headquarters | Winnipeg, Manitoba, Canada |
Key people | Kevin Sitka, President & Chief Executive Officer |
| Revenue |
 $125.8 million CAD (2013) [1] |
|
$17.1 million CAD (2013) [1] | |
| Total assets |
$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
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
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.
| Date | Credit union merger | Later merger |
|---|---|---|
| 1938 | The Pool Credit Union Society Ltd. | Hy-Line 2001 |
| 1938 | St. Alphonsus Credit Union Society Ltd. | Assiniboine 1982 |
| 1939 | Burns Employees Credit Union | Assiniboine 1998 |
| 1943 | Assiniboine Credit Union Society Ltd. | |
| 1943 | La Caisse Populaire de St-Norbert | Hy-Line 1989 |
| 1944 | Airline Credit Union Society Ltd. | Assiniboine 1983 |
| 1946 | Winnipeg Postal District Employees Credit Union Society Ltd. | Keystone 1948 |
| 1947 | Federal Employees of Manitoba Credit Union Society Ltd. | Keystone 1948 |
| 1947 | Keystone Credit Union | Assiniboine 1979 |
| 1948 | Manitoba Power Commission (MPC) Credit Union Society Ltd. | |
| 1948* | Winnipeg Postal District Employees and Federal Employees of Manitoba | merge with Keystone |
| 1949 | Aircrafters Credit Union Society Ltd. | Airline 1981 |
| 1949 | Buffalo Credit Union Society Ltd. | Assiniboine 2008 |
| 1949 | Decibel Credit Union Society Ltd. | Hy-Line 2002 |
| 1951 | Fort Rouge Railway Employees Credit Union Society Ltd. | Hy-Line 1989 |
| 1951 | Public Press Employees Credit Union Society Ltd. | Astra 1991 |
| 1952 | Ogilvie’s Employees Credit Union Society Ltd. | Assiniboine 1982 |
| 1957 | Manitoba Sugar Employees Credit Union Society Ltd. | Hy-Line 1989 |
| 1958 | Astra Credit Union Society Ltd. | Assiniboine 2007 |
| 1960 | A.F & D.C. Credit Union Society Ltd. | Assiniboine 1978 |
| 1962 | Continental Can Employees Credit Union Society Ltd. | Assiniboine 1982 |
| 1962 | Hy-Line Credit Union Society Ltd. | Vantis 2002 |
| 1962* | MPC Credit Union merges with Hy-Line Credit Union | |
| 1964 | Hansa Credit Union Society Ltd. | Assiniboine 1991 |
| 1964 | St. James Community Credit Union Society Ltd. | Astra 1969 |
| 1966 | Pinawa Credit Union Credit Union Society Ltd. | Keystone 1975 |
| 1969* | St. James Community merges with Astra | |
| 1975* | Pinawa merges with Keystone | |
| 1978* | A.F. & D.C. merge with Assiniboine | |
| 1979* | Keystone merges with Assiniboine | |
| 1980 | The Professional Financial Savings Credit Union Ltd. | Assiniboine 1988 |
| 1981* | Aircrafters merges with Airline | |
| 1982* | St. Alphonsus, Continental Can and Ogilvie merges with Assiniboine | |
| 1983* | Airline merges with Assiniboine | |
| 1988* | Professional Financial Savings merges with Assiniboine | |
| 1989* | Fort Rouge Railway, Manitoba Sugar and La Caisse populaire de St-Norbert merge with Hy-Line | |
| 1991* | Hansa merges with Assiniboine | |
| 1991 | Public Press merges with Astra | |
| 1998* | Burns merges with Assiniboine | |
| 2001* | The Pool merges with Hy-Line | |
| 2002* | Hy-Line and Decibel merge to create Vantis Credit Union | |
| 2007* | Vantis and Astra merge with Assiniboine | |
| 2008* | Buffalo merges with Assiniboine |
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
| 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 |
References
- ↑ 1.0 1.1 1.2 1.3 Assiniboine Credit Union 2013 Annual Report
- ↑ 2.0 2.1 Central Credit Union of Canada - Top 100 Largest Credit Unions - Results Q4 2012
- ↑ "Assiniboine Credit Union: Canada". Global Alliance - For Banking on Values. Retrieved October 10, 2014.
- ↑ "Locations and Hours of Service". Assiniboine Credit Union. Retrieved 2015-04-24.
- ↑ Manitoba credit unions vote to merge. The Canadian Press. 29 Sept. 2006.
- ↑ "ACU Employees Align With ACU Values". Assiniboine Credit Union. November 25, 2014. Retrieved 2015-04-24.
- ↑ 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.
- ↑ "Urban & rural credit unions propose merger" (PDF). Assiniboine Credit Union. Feb 25, 2015. Retrieved 2015-04-24.