Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Three-way merger means competition for Canadas largest CU
EDMONTON, Alberta (2/12/08)--Three of the four largest credit unions in Alberta, Canada, are proposing a three-way merger that, if successful, would produce an $8.5 billion asset credit union (The Edmonton Journal Feb. 9). Servus Credit and Common Wealth Credit, both credit unions in Edmonton, and Community Savings, a credit union in Red Deer, said Friday talks are underway and they could call for a membership vote on the proposal as early as March. The combined credit union would have 357,000 members, 1,825 employees and 95 branches. The fourth large Alberta credit union, First Calgary Savings, with 100,000 members and assets of $1.9 billion, has declined to join the proposed merger. Canada's largest credit union is the $12.3 billion asset Vancouver City Savings in Vancouver, British Columbia. It has 2,300 employees and 57 branches. Contributing to the merger plan is potential competition with VanCity and other British Columbia credit unions under a provincial free-trade agreement between British Columbia and Alberta. The agreement will take effect in April, 2009. British Columbia-based credit unions have competitive advantages because they can operate with less capital and go into fields denied to Alberta credit unions--such as insurance brokerages, reported the article.


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
7 hours ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago