June 9, 2016 (Portage la Prairie MB) — At special membership meetings held last night and tonight, members of Austin and Portage credit unions voted overwhelmingly in favour of a proposal to amalgamate the two credit unions.
“Our board and management groups put together a proposal that we believed would benefit our members, employees, and communities — and with these votes, members validated that belief,” said Portage CEO Dave Omichinski.
“These votes show the credit union system in action, where the co-operative principle of ‘democratic member control’ gives member-owners the final say on initiatives of this magnitude,” said Portage board chair Winnie Pauch. “Tonight we’re happy for our members, because this was the right decision for both our organizations.”
This decision follows a trend here and across the country, said Austin board president Mike Vercaigne. “Credit unions large and small are increasingly seeing amalgamations as a way to respond to the rapid and highly competitive changes in our industry.”
The amalgamation creates a new credit union with $525 million in assets, 17,500 members, and branches in Austin, Gladstone, MacGregor, Plumas, Oakville and Portage la Prairie.
”The management groups, boards, and employees of both credit unions are pleased with the results and very excited to get down to the work of gearing up to have everything in place for when the amalgamation comes into effect,” said Austin Credit Union CEO Brent Budz.
The amalgamation will take effect January 1, 2017, subject to regulatory approval.
Information about the proposal is available at https://austinportage.wordpress.com/