WINNIPEG, Manitoba—Two large credit unions here have announced plans to merge. Noventis CU and Starbuck Credit Union said they will merge and create an institution of approximately $732-million in assets, pending separate membership meetings in May. If approved, the combined CU would be the ninth-largest credit union in Manitoba, and will have 11 branches, 150 employees and more than 26,000 members.
The current plan calls for the merger to be completed by Oct. 1 with Noventis CU being the surviving name and charter. The credit unions said they have been discussing such a merger since April of 2014.
The Noventis/Starbuck merger follows several other mergers in this province. Assiniboine Credit Union and Access Credit Union are currently pursuing a merger that would create the largest CU in Manitoba. La Salle Credit Union has also said it will join with Caisse Financial Group, with its single location becoming the Caisse's 27th branch.