Ontario’s newest financial institution, Alterna Savings, became a reality last night as members of Metro Credit Union joined the members of CS CO-OP by voting overwhelmingly in favour of a merger between the two institutions.

The merger is the first of its size to be approved in Ontario history and marks a significant change to Ontario’s financial service landscape.

A proposed merger between HEPCOE and Niagara credit unions has yet to be approved by members.

“CS CO-OP and Metro Credit Union members realized that the merger offers a unique opportunity to build a stronger community-based financial alternative in Ontario,” said Richard Bertrand, Chair of CS CO-OP. “This merger is truly about growth, the preservation of our culture and adherence to our values as part of the credit union movement.”

“The name Alterna Savings conveys our mandate, which is to be the preferred alternative financial services provider.” Saod Gary Seveny, who will be the president and CEO of Alterna.

“Members will have access to a larger branch network, more ATMs, a more comprehensive suite of products and services that make us a compelling alternative to the big banks, while maintaining very competitive fee levels that truly set us apart from the banks,” he added.

“Not only will there be no layoffs through the merger, but our employees will have access to expanded career opportunities in a larger organization,” said Seveny.

Alterna Savings will officially open its doors on April 1.

With over 600 employees, Alterna Savings will serve its approximately 190,000 members through 24 branches and 84 ATM locations stretching from Toronto to Ottawa. With approximately $1.8 billion in assets, Alterna Savings is one of Canada’s largest credit unions.

http://www.newswire.ca/en/releases/archive/February2005/09/c2241.html