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Financial group drops takeover bid for Canadian CU
HIGH RIVER, Alberta (3/12/08)--Western Financial Group has dropped its $345 million takeover bid for Community Savings CU in the wake of the credit union’s board of directors decision not to forward the takeover offer to its members for a vote. Western Financial said Monday it was disappointed with the news that the proposal was not on Community Savings’ March 18 shareholder meeting agenda (The Canadian Press March 10). Included in the proposal was an offer by a subsidiary of Western Financial--Bank West--to acquire the credit union for roughly $345 million in cash, shares and payment to members. The credit union’s 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 credit union’s decision was that Western Financial wanted to turn the credit union into a bank, said Murray Haubrrich, Community Savings president/CEO.


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