Buffalo Credit Union members choose to join Outlook’s Parent Company

September 13, 2007

One year to the day after Vantis, Astra and Assiniboine Credit Union members voted to merge their three credit unions, the members of Buffalo Credit Union voted strongly in favour of merging with Assiniboine Credit Union – Manitoba’s largest credit union by membership and branches, second largest by assets.

"Buffalo Credit Union’s board of directors put forward a proposal that they felt was good for their membership and obviously their members embraced it," said Garth Manness, CEO of Credit Union Central of Manitoba. "This decision tonight follows a trend here and across the country where credit unions large and small see mergers as a way to respond to the rapid and highly competitive changes in our industry,” Manness said.

Buffalo Credit Union Chair, Margaret Day, said the over 90 per cent vote in favour confirmed what she and her board knew when they first approached ACU about a merger last spring.

“Our members wanted a partner that was financially strong, but also shared our values and goals. One of those goals was to offer our members more options to do their banking where they work and where they live. For our employees, the merger with ACU opens up a world of possibilities for their careers. ACU is one of Manitoba’s Top 10 employers, which gives us a great comfort level.”

The merger will take effect January 1, 2008. With the addition of Buffalo’s Broadway branch, Assiniboine Credit Union will have:

• 23 Winnipeg  branches
• 2 branches in northern Manitoba - one in Thompson, one in Gillam
• more than 550 employees
• more than 115,000 members
• over $2.6 billion in assets under administration.

ACU Chair, Garry Loewen said the Buffalo members are a very welcome addition to the growing ACU family. “The Buffalo members clearly understood that for us to continue to be a strong alternative to the banks and continue to be a community leader, we need to work together. This merger allows us to do just that,” said Loewen.

There will be no staff layoffs and Assiniboine will expand its board by one position to accommodate a Buffalo nominee joining the board.

The members of ACU did not have to vote on this merger. Under the Caisses Populaires and Credit Union Act, a vote is not required if the merger partner has less than 10% of the larger credit union’s assets.