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Canadian CU rejects banks takeover attempt
EDMONTON, Alberta (3/11/08)--Albert-based Community Savings CU’s board of directors decided Friday not to forward a takeover offer from Western Financial Group to its members for a vote. The board instead unanimously supported a proposed three-way merger with two other Alberta credit unions (Canada.com March 8). The credit union had proposed merging with Servus Credit and Common Wealth CUs. The three--among the four largest credit unions in Alberta--announced Feb. 8 they were considering a merger because they faced competition from British Columbia-based credit union, Vancouver City Savings, Canada's largest credit union (News Now March 7). The driving force behind the decision was that Western Financial wanted to turn the credit union into a bank, said Murray Haubrrich, Community Savings president/CEO. Western Financial’s bid was a surprise to Community Savings. Its members were scheduled to meet March 18 to vote on the merger with two other credit unions. Western Financial President/CEO Scott Tannas said the company asked that its offer be included on the agenda at the credit union's membership meeting (Canada.com and Edmonton Journal March 6). The company offered an unspecified "cash windfall" for members, job security for employees and maintenance of the products, prices, service levels and branches that exist today, Tannas said.


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