Assiniboine Credit Union

Assiniboine Credit Union
Company typeCredit union
IndustryFinancial services
Founded1943
Headquarters
Winnipeg, Manitoba
,
Canada
Number of locations
18
Area served
Winnipeg and northern Manitoba, Canada
Key people
  • Kevin Sitka (president & CEO)[1]
  • Crystal Laborero (chair)[1]
RevenueIncrease C$189.8 million (2022)[2]
Increase C$38.5 million (2022)[2]
Total assetsIncrease C$6.10 billion (2022)[2]
Members140,000 (2022)[3]
Number of employees
500 (2018)[4]
DivisionsOutlook Financial
Websiteacu.ca Edit this at Wikidata

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.[5][6] They named the new credit union after the street their company headquarters was on—Assiniboine Avenue.[6]

ACU now has 18 branches in Winnipeg and northern Manitoba.[7] ACU merged with Astra and Vantis credit unions in 2007.[8]

Branches

As of 2024, Assiniboine Credit Union has 17 branches: 16 in Winnipeg and one in northern Manitoba—Thompson.[9]

As of 2020, ACU has two community economic development branches - 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.[10]

The North End location was opened in 2012, on McGregor Street at College Avenue. Camilla, Duchess of Cornwall toured the facility during her visit to Winnipeg to learn more about Manitoba Credit Unions.[11]

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.[5][6] 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.[5]

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.[12][13][14] 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.[13]

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

See also

References

  1. ^ a b c d ACU 2020 annual report
  2. ^ a b c "Consolidated Financial Statements - December 31, 2022" (PDF). Assiniboine Credit Union. 1 March 2023. Retrieved 29 August 2023.
  3. ^ "ACU Membership". Assiniboine Credit Union. Retrieved 29 August 2023.
  4. ^ "Assiniboine Credit Union 2018 Annual Report". Assiniboine Credit Union. Retrieved 5 April 2019.
  5. ^ a b c ACU. "ACU - Our Roots". www.acu.ca. Retrieved 28 May 2021.
  6. ^ a b c "Assiniboine Credit Union: Canada". Global Alliance - For Banking on Values. Retrieved 10 October 2014.
  7. ^ "Locations and Hours of Service". Assiniboine Credit Union. Retrieved 28 July 2016.
  8. ^ Manitoba credit unions vote to merge. The Canadian Press. 29 September 2006.
  9. ^ ACU. "About ACU". Assiniboine Credit Union. Retrieved 24 April 2024.
  10. ^ "Assiniboine Credit Union to open branch in North End: Institutions had abandoned area". Winnipeg Free Press. 20 October 2011. Retrieved 10 September 2020.
  11. ^ "Royal visit 2014: How Camilla found her niche". CBC Manitoba. 21 May 2014. Retrieved 10 September 2020.
  12. ^ "Assiniboine Credit Union and Entegra Credit Union propose merger". Assiniboine Credit Union. Archived from the original on 29 June 2021. Retrieved 3 July 2021.
  13. ^ a b "An important message for all members: we're getting stronger by coming together". Assiniboine Credit Union. Archived from the original on 9 July 2021. Retrieved 3 July 2021.
  14. ^ "Assiniboine, Entegra credit union boards agree to merge". Winnipeg Free Press. 30 June 2021. Retrieved 3 July 2021.