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News Now

CU System
Company makes takeover bid on Canadian CU
EDMONTON, Alberta (3/7/08)--An insurance company based in High River, Alberta, has made a surprise takeover bid for Community Savings and CU, an Edmonton-based credit union whose members will meet March 18 to vote on a merger with two other Alberta credit unions. Western Financial Group President/CEO Scott Tannas said the company asked that the offer be included on the agenda at the credit union's membership meeting (Canada.com and Edmonton Journal March 6). The company is offering 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. 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. Tannas said the credit union and his organization--which provides insurance, financial services and banking services to more than 80 communities in Western Canada--have similarities. "We are in many of the same towns and cities, we have the same community-based values and culture, and we estimate that 20% of Community Savings members are already insurance customers of Western Financial Group," he said.


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