When the results of the merger vote were announced at the virtual special meeting of members on November 15, 2022, it was a moment to think back and an opportunity to look forward. As a 70-year-old financial institution, Casera stood as a reminder that credit unions have a long history of service to Manitobans. The vote, however, also reflected the new reality of credit unions merging to increase resources, improve efficiencies, and strengthen their financial positions.
Twenty-two years ago, there were 65 credit unions in Manitoba; today, there are only 19. During that time, Casera remained financially strong and operationally efficient, but the steady pace of amalgamation meant the prospect of merging with another credit union was increasingly possible.
Because of the ongoing merger trend, we built this possibility into Casera’s long-term strategic plan. The playbook was already prepared when formal talks with Access Credit Union began in January 2022. Behind the scenes, our Board’s due diligence went smoothly, and the planning to unite the two credit unions was seamless. All that remained was for members to vote.
It’s always challenging to make a changeful decision. I commend our members for determining that the Board-recommended merger was the best way to ensure Casera’s legacy of service and prosperity.
Best Regards,
Brent Thomas
Chief Executive Officer