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Sunrise and Prairie Mountain Credit Unions Begin Merger Discussions
BRANDON, Manitoba (October 12th, 2017) - In the interest of providing a stronger financial cooperative with enhanced member benefits, Sunrise Credit Union and Prairie Mountain Credit Unions have recently entered into merger discussions. The Board of Directors of both organizations is pursuing an amalgamation with a legal merge date of April 1, 2018.
"Economies of scale have become a key ingredient to success among credit unions. A merger with Sunrise will allow us to reinvest in growth initiatives, and provide superior returns to members. Finances aside, however, the regulatory pressures in the financial services industry are creating this need for scale to allow us to continue to serve our communities well into the future," said Prairie Mountain Credit Union General Manager, Armin Glas.
All Prairie Mountain and Sunrise jobs will remain safe from cuts and an expanded range of development opportunities will be available to staff due to the larger organization.
"Sunrise was formed in 2008 by the joining together of locally-run, like-minded credit unions," says Tim Klassen, President and CEO of Sunrise Credit Union. "When Cypress River Credit Union first entered into merger talks with four other credit unions, I recall the local concern of losing a stake in the community in order to stay competitive. It was important to us that we remained a group of local people helping local people, supporting community resiliency in rural Manitoba. This was achieved and then some".
Both Prairie Mountain and Sunrise Credit Unions are member owned community focused organizations dedicated to providing personalized competitive financial services for the benefit of members and communities. It is these foundational and co-operative philosophies that bring these two like-minded credit unions together.
"Having home-grown roots, serving the rural market and supporting our community are key traits that our credit union is known for, so we had to look very carefully at which organization to partner with when the issue of future sustainability came up," said Prairie Mountain Credit Union Board President, Jean Louis Saquet. "Knowing that Sunrise Credit Union respects our past and wants to grow together to build a better future for tomorrow is what led to the merger discussion".
Because a merger with Prairie Mountain Credit Union would account for less than a 10% increase in assets, the merger can be approved by the Sunrise Credit Union Board of Directors without a full membership vote.
Prairie Mountain Credit Union members, however, will have the opportunity to vote at a special meeting being held in Ste. Rose in December 2017, date to be announced.
About Sunrise Credit Union
Sunrise Credit Union is a financial institution owned by the people it serves. It was formed in 2008 through the strategic merger of its five legacy Credit Unions- respectively, Virden (est. 1940), Turtle Mountain (est. 1940), Hartney (est. 1942), Tiger Hills (est. 1943) and Cypress River (est. 1960). Since its formation, Sunrise Credit Union has contributed well over $1 million in sponsorships and donations to hundreds of organizations, granted scholarships to over 80 youth pursuing post-secondary education, and provided more than 50,000 hours of employee volunteer time.
Sunrise Credit Union has assets over $1 billion and serves 24,000 members from 15 communities in southern Manitoba.
About Prairie Mountain Credit Union
With branches in Ste. Rose and Laurier, Prairie Mountain Credit Union has been providing financial services in those and surrounding communities like McCreary, Eddystone, Alonsa, Ochre River and many others since 1941.
Prairie Mountain Credit Union has assets over $76 million and has a membership base of more than 2,300.
Sunrise Credit Union
Prairie Mountain Credit Union
(204) 447 - 2723
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Box 190 601 Central Avenue Ste. Rose du Lac, MB R0L 1S0 204-447-2723 Fax 204-447-3024
Box 61 115 rue Burrows Laurier, MB R0J 1A0 204-447-2412 Fax 204-447-3124
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