Merger talks are moving ahead between Access Credit Union and Winnipeg-based Crosstown Civic Credit Union.

If successful, the amalgamation would make the newly formed credit union one of the largest of its kind in Manitoba with nearly $6 billion in assets.

Both boards began discussions this spring. Over the next few months, the two organizations will develop a more detailed business case for the other to review before deciding to recommend the proposed merger to their respective members.

"We know that mergers are happening at a rapid pace and that they are key to the long-term success of the Manitoba credit union system," explains Curt Letkeman, Chair of the Board of Directors of Access Credit Union. "In Crosstown Civic, we have found a common heritage based on cooperative principles and we are similar-sized organizations that we believe will benefit our members."

"We are very excited about the potential of this partnership as both credit unions have a strong commitment to putting the needs of our members first," added Ingrid Loewen, Chair of the Board of Directors for Crosstown Civic Credit Union. "We will continue to engage and inform our members as things progress and confirm our final recommendation to the members as soon as we are able."

Following completion of the due diligence process, and if both boards choose to recommend a merger, they will seek membership approval in the spring of 2020.

ACU is currently the fourth largest credit union in Manitoba serving 17 branches in Southern Manitoba and employing 260 people with over $3.1 billion in assets. ACU has more than 54,000 members.

Crosstown Civic Credit Union is the fifth largest credit union in the province serving Winnipeg with nine branches, 160 employees and overseeing $2.6 billion in assets. Crosstown Civic has more than 31,000 members.