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Three CU Centrals finalizing merger in Canada
WINNIPEG (4/12/10)--Credit union centrals from three Canadian prairie provinces--Manitoba, Saskatchewan and Alberta--will vote later this year on finalizing a merger into a single prairie central, according to Winnipeg Free Press (April 9). The move is the result of the trend in financial cooperatives toward consolidation. With fewer, but larger credit unions, the three centrals are finding it more difficult to perform their roles and meet the needs of small, medium and large credit unions together, said Garth Manness, CEO of Credit Union Central of Manitoba, in the article. A combination of the three would result in an entity with 1.7 million members, $46.8 billion assets, 155 credit unions and 709 branches, said the publication. For more information, use the link.
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