October 13, 2016 – All Trans Financial Services Credit Union’s members voted overwhelmingly in favor of an asset purchase transaction that would see them become part of PACE Savings and Credit Union Limited later this month.
The transaction has received regulatory approval and is expected to close on October 31, 2016.
All Trans CEO Mike Alexander commented “We’re very confident that joining forces with PACE represents opportunity for both our members and staff. Our members will certainly benefit from the wider range of products and services offered through PACE. For our staff, PACE gives them the chance to advance their careers. It’s a very exciting time for us.”
When the transaction is completed, PACE will operate in 17 locations throughout Ontario, employ 164 staff, and serve over 38,000 members who hold $888 million in assets under administration.
“We’ve always felt that All Trans had a good core credit union business with some really unique opportunities, especially in the payments business. With the additional scale and resources that PACE can bring, it can only enhance what Mike Alexander and his team has built up over the years” said PACE CEO Phillip Smith.
About All Trans Financial Services Credit Union
Founded in 1939, All Trans services their 6,500 members in London and Toronto through a network of three branches, two mobile bankers and an on line member portal. Their sponsoring companies include the Toronto Transit Commission, London Transit Commission, Air Canada, CN Rail, CP Rail, Greyhound Bus Lines and Via Rail. Members of the Plumbers and Steam fitters union plus the Glassworkers union are also eligible for membership.
About PACE Savings and Credit Union Ltd.
PACE Credit Union’s Ontario roots trace back over 60 years including the membership of Farmunited Co-op, the first credit union incorporated under the new Credit Union Act of 1940. Over the decades, PACE has grown, meeting their members’ and community’s financial needs. Headquartered in Vaughan, Ontario, PACE serves its 32,000 members holding over $851 million in assets under administration through 14 locations. To find out more about cooperative banking, visit pacecu.ca, follow @PACECU on Twitter, or find us on Facebook.For more information contact:
Chief Marketing and Community Relations Officer
PACE Credit Union
8111 Jane Street, Vaughan, Ontario, L4k 4L7