Central 1 and Credit Union Central Alberta to Enter into Merger Discussions
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA and CALGARY, ALBERTA -- (Marketwire) -- 10/17/11 -- Central 1 Credit Union ("Central 1") and Credit Union Central Alberta Ltd. ("Alberta Central") announced today the initiation of merger discussions with the objective of enhancing core services to more than 190 credit unions in B.C., Alberta and Ontario.
During this process, the centrals will evaluate whether an opportunity exists through consolidation, to achieve efficiencies, offer a stronger liquidity structure, greater diversification of funding sources and better capacity in the areas of finance, payments and trade services.
Any proposal to merge would be subject to the approval of regulatory authorities and the boards of directors and shareholders of both centrals.
These discussions are timely considering the changing landscape of the credit union system. The growing trend of individual credit unions merging is resulting in larger credit union organizations with a greater concentration of assets and members and more complex service needs. The centrals will evaluate whether a merged central could more effectively meet the needs of credit unions in the long term.
"Pursuing these discussions with Central 1 will allow us to fully analyze how our combination might enhance our capacity to better meet the needs of credit unions and support their continued expansion in the marketplace," says Graham Wetter, Alberta Central's President and Chief Executive Officer.
Don Rolfe, Central 1's President and Chief Executive Officer, noted that, "A merger of our organizations would be another step towards the development of a strong, national organization to support Canada's growing and vibrant credit union system. To effectively support credit unions, we need to look at ways to leverage our collective strengths."
Central 1 and Alberta Central act as the central financial facilities and trade associations for the B.C. and Ontario, and the Alberta, credit union systems, respectively.
About Central 1 Credit Union
Central 1 is headquartered in Vancouver, B.C. and represents 45 credit unions in B.C. and 111 credit unions in Ontario, that combined, serve more than 2.9 million members. Central 1 holds $15 billion in assets and employs more than 550 staff. For more information, visit .
About Alberta Central
Alberta Central is headquartered in Calgary, Alberta and represents 36 credit unions from across the province that serve more than 646,000 members. Alberta Central has assets over $1.9 billion and approximately 230 staff. For more information, visit .
Contacts:
Central 1 Credit Union
Art Chamberlain
Media Relations Manager
905.282.8534 or Mobile: 416.540.0869
Credit Union Central Alberta
Alexandra Frison
Manager, Communications
403.258.5971
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Datum: 17.10.2011 - 10:00 Uhr
Sprache: Deutsch
News-ID 1046605
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VANCOUVER, BRITISH COLUMBIA and CALGARY, ALBERTA
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Commercial & Investment Banking
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