Carpathia members vote, and join North Winnipeg members in approving amalgamtion

April 16, 2019 — Tonight, in voting at a special meeting of its members, Carpathia Credit Union approved a proposal to amalgamate with North Winnipeg Credit Union.

This follows last night’s approval by North Winnipeg’s members.

“We are very excited about this amalgamation and the benefits it holds for members, employees, and the communities we serve,” said Carpathia Board Chair Roman Zubach.

At both credit unions’ meetings, votes in favour were well in excess of the two-thirds majority required under the Credit Unions and Caisses Populaires Act.

“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 as important as this,” said North Winnipeg Board Chair Nick Chubenko.

The amalgamation will create a credit union with over half a billion dollars in assets, six branches, 11,500 members and 87 employees.

“We’re very happy with tonight’s result,” said Carpathia CEO Nick Rawluk, who will continue as the chief executive of the combined organization. “Tonight we celebrate; tomorrow, the work starts on putting everything in place to bring the credit unions together operationally.”

Pending approval by the Competition Bureau, the credit unions will officially amalgamate July 1, 2019.

 

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Media contact:

Nick Rawluk, CEO, Carpathia Credit Union                  (204) 989-7405
Lisa Jaworsky, CEO, North Winnipeg Credit Union      (204) 954-7452

 

The amalgamation at a glance

  • The $620-million credit union will begin operating July 1, 2019.
  • Financial co-operative for those of Ukrainian heritage, and associates
  • Board representative of the current credit unions
  • Combine resources & share costs we currently maintain and pay on our own
  • Higher level of expertise in key areas without compromising jobs or service
  • Continued dedication to local lending, hiring and spending
  • Positioned to compete more effectively with banks and larger credit unions

Members’ financial needs remain our top priority

  • continued competitive deposit and lending interest rates & low fees
  • convenient branches & ATMs located throughout Winnipeg
  • continued excellent service from the same friendly staff, in Ukrainian and English
  • continued & improved financial products and services at competitive rates
  • owners and customers of a strong, progressive credit union positioned well for the long term

Affirmation of focus on our Ukrainian heritage, culture and language

  • a strong, vibrant, competitive credit union with a deep commitment to Ukrainian language and culture in Manitoba
  • The same or enhanced levels of support, focused on Ukrainian community initiatives and organizations (sponsorships, donations, scholarships, volunteer hours & gifts in kind)

Enhanced opportunities for Employees

  • no job losses
  • no reduction in salary or the value of benefits
  • enhanced training, support & career opportunities

Visit the Important Dates for locations and times of information and voting meetings.

Carpathia North Winnipeg UNITED!
Branches 5 1 6 Branches
Members 8,655 2,750 11,405
Employees 73 14 87
Assets $503 million $116 million $620 million
Loans $452 million $ 96 million $548 million
Deposits $476 million $109 million $585 million
Equity $26.0 million $ 6.6 million $32.6 million