The proposed amalgamation of Austin Credit Union and Portage Credit Union is unique, and will be beneficial. That's from Austin Credit Union CEO Brent Budz, after last night's announcements the two had intended to merge. Budz notes the size of a credit union has a clear impact on its membership, by allowing the institution to quickly react to changes in the financial services landscape.

"There are rapid changes that come very quickly into the financial services marketplace, that we need to be able to react to and our members do want those services. By creating this scale, it provides us with a great ability to respond to market demands quickly. That's another driving force when we look at why this makes sense. It really says we're committed to the communities, we've become larger and stronger together, and that means longevity in the places we like to do business."

Budz notes the proposal would also have the added benefit of cost-savings when it comes to legislative requirements, and technology. While several credit union mergers have been taking place throughout Manitoba over the last few years, Budz says this represents a special case, noting the size of both financial institutions.

"It really is a very unique situation in that both credit unions are virtually the same size. This is the truest form of a merger of equals we've seen in the province in a long time. It really will resonate with our membership because we have equal representation from boards from both credit unions. From the Austin standpoint, we're very, very happy about this. We're excited about the possibilities for our communities and our membership."

Information meetings on the proposed merger will take place next month, with the proposal going to a vote in June. If approved by members, the amalgamation would officially take place January 1st, 2017, with Budz taking on the role of CEO, and Portage Credit Union CEO Dave Omichinski serving as president until his retirement in 2018. If approved, the new credit union would include eight branches, and $520 million in assets.