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
.@NACHAOnline report: ACH volume increases to 23B payments in 2014 http://t.co/va2WYMh4Zv
14 hours ago
.@CUNA's @HampelBill in @washingtonpost on options for wary mortgage borrowers: http://t.co/CPSgTNgwmm
20 hours ago
Housing starts thaw, mortgage rates stand pat #Market #NewsNow http://t.co/hhPj5v5AH3
20 hours ago
.@CUNA files #RBC2 comment, urges #CU system to be heard #NewsNow http://t.co/yfoZHAMlZc
20 hours ago
#NewsNow Youth Month attracts 100,000th member for Mich. CU http://t.co/cgF5o83XlK
21 hours ago