Ottawa-based Alterna Savings and Credit Union Ltd. and Toronto-based Member Savings Credit Union Ltd. have signed an agreement that will see Member Savings become part of Alterna at the end of 2020, the two Ontario-based financial cooperatives said on Wednesday.
“We are excited to be chosen by Member Services as their preferred merger partner,” said Rob Paterson, President and CEO of Alterna Savings, in a release.
Member Savings has $119 million in assets, over 3,400 members across Ontario and one branch. Established in 1949, Member Savings provides financial services to employees of the Liquor Control Board of Ontario, the Ontario Cannabis Retail Corporation, the Alcohol and Gaming Commission of Ontario, as well as those of several private corporations.
“[The agreement] will allow us to bring our members enhanced services, as well as significant access to branches across Ontario,” said Sharon Kent, CEO of Member Savings, in the release. “I am confident this is a pivotal move for the long-term growth of our credit union, and will provide substantial benefits to our members and staff.”
Pending regulatory approvals, members of Member Savings will be asked to vote on the proposed merger later this fall.
Alterna Savings and Credit Union Ltd. and its subsidiary Alterna Bank have $9.6 billion in assets under management, 183,000 members and 36 branches across Ontario, including partner Peterborough Community Savings.