(June 28 – 09:45 ET) – Bank of Montreal announced yesterday that it has arranged for the purchase of three of its branches by credit unions in Alberta. The agreement was co-ordinated through the Alberta Credit Union Central.
The sale will result in a pre-tax gain for Bank of Montreal of about $1.4 million.
The transaction involves 11 bank employees. The branches have approximately $84 million in funds under administration.
The credit unions involved are offering continued employment to bank employees. The transaction excludes certain products and services such as mutual funds and MasterCard credit card accounts.
“We are pleased that these transactions provide for both continued branch banking services and employment in these communities,” said Pam Robertson, senior vice president, Prairies Division, Bank of Montreal.
-IE Staff