Ottawa-based Alterna Savings and Credit Union Ltd. and Toronto Municipal Employees’ Credit Union Ltd. (TME Savings) successfully closed their merger agreement on Dec. 1.
The merger followed a special member meeting held on Nov. 7, where TME Savings members voted overwhelmingly in favour of joining Alterna.
Other than a name change to “Toronto Municipal Employees’ Savings, a division of Alterna Savings and Credit Union Ltd.,” it will be business as usual for the two TME Savings branches, Alterna says in a news release.
“We’re thrilled that this partnership will sustain and deliver on TME Savings’ commitment to offer its members the services, products and technologies that are must-haves in today’s rapidly changing financial services world,” said Rob Paterson, president and CEO of Alterna, says in a statement.
This is the third partnership of this type for Alterna in the past three years. In 2016, Alterna successfully merged with Nexus Community Savings and Peterborough Community Savings, expanding Alterna’s footprint by 10 branches across Ontario.