Assiniboine Credit Union (ACU) is a
credit union
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including depo ...
based in
Winnipeg
Winnipeg () is the capital and largest city of the province of Manitoba in Canada. It is centred on the confluence of the Red and Assiniboine rivers, near the longitudinal centre of North America. , Winnipeg had a city population of 749,6 ...
,
Manitoba
Manitoba ( ) is a Provinces and territories of Canada, province of Canada at the Centre of Canada, longitudinal centre of the country. It is Canada's Population of Canada by province and territory, fifth-most populous province, with a population o ...
.
ACU was formed in 1943 by 15 employees of the
Winnipeg Electric Company
Winnipeg Transit is the public transit agency, and the bus-service provider, of the City of Winnipeg, Manitoba. Established years ago, it is owned by the city government and currently employs nearly 1,600 people—including approximately 1,1 ...
who got together to form the credit union.
They named the new credit union after the street their company headquarters was on—Assiniboine Avenue.
ACU now has 18 branches in Winnipeg and
Northern Manitoba. ACU merged with Astra and Vantis credit unions in 2007.
Branches
, Assiniboine Credit Union has 18 branches: 14 in
Winnipeg
Winnipeg () is the capital and largest city of the province of Manitoba in Canada. It is centred on the confluence of the Red and Assiniboine rivers, near the longitudinal centre of North America. , Winnipeg had a city population of 749,6 ...
and 2 in
northern Manitoba—
Thompson
Thompson may refer to:
People
* Thompson (surname)
* Thompson M. Scoon (1888–1953), New York politician
Places Australia
*Thompson Beach, South Australia, a locality
Bulgaria
* Thompson, Bulgaria, a village in Sofia Province
Canada
* ...
and
Gillam.
, ACU has three
community economic development Community economic development (CED) is a field of study that actively elicits community involvement when working with government, and private sectors to build strong communities, industries, and markets. It includes collaborative and participatory ...
, one in Gillam and the other two in the
West Broadway
West Broadway is a north-south street in the New York City borough of Manhattan, separated into two parts by Tribeca Park. The northern part begins at Tribeca Park, near the intersection of Avenue of the Americas (Sixth Avenue), Walker Street a ...
and
North End neighborhoods of Winnipeg.
[ACU 2020 annual report](_blank)
/ref> These branches are deliberately placed in low-income areas in order to provide financial services to those ignored by the large commercial banks.
History
In 1943, under the backdrop of World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
and its impact on the world's economies, Ed McCaffrey and 8 co-workers from the Winnipeg Electric Company
Winnipeg Transit is the public transit agency, and the bus-service provider, of the City of Winnipeg, Manitoba. Established years ago, it is owned by the city government and currently employs nearly 1,600 people—including approximately 1,1 ...
formed Assiniboine Credit Union, naming it after the street its headquarters was on—Assiniboine Avenue.interest rates
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, th ...
charged by money lenders
In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that de ...
. McCaffrey and his colleagues thereby established ACU as an open bond
Bond or bonds may refer to:
Common meanings
* Bond (finance), a type of debt security
* Bail bond, a commercial third-party guarantor of surety bonds in the United States
* Chemical bond, the attraction of atoms, ions or molecules to form chemical ...
credit union
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including depo ...
that welcomed everyone in the community to join.
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
Merge, merging, or merger may refer to:
Concepts
* Merge (traffic), the reduction of the number of lanes on a road
* Merge (linguistics), a basic syntactic operation in generative syntax in the Minimalist Program
* Merger (politics), the comb ...
with Entegra Credit Union, followed by a public announcement 5 days later.
Awards
Awards received by ACU include:Canadian Credit Union Association
The Canadian Credit Union Association (CCUA; french: Association canadienne des coopératives financières) is the national trade association for credit unions in Canada (outside the province of Quebec). Founded in 1953, it rebranded to its curre ...
marketing awards (2018 Achievement in Marketing Excellence Awards Gala)
References
External links
Assiniboine Credit Union websiteAssiniboine Credit Union media release
{{canada-company-stub
Credit unions of Manitoba
Companies based in Winnipeg
Assiniboia, Winnipeg
B Lab-certified corporations