For immediate release
VAUGHAN (April 17, 2012) – The Board of Directors from McMaster, ETCU Financial, Peoples and PACE Credit Unions announced today their intent to amalgamate. Upon completion the amalgamated Credit Union will serve some 40,000 members through 17 locations and have combined assets of close to $700 million plus capital of approximately $50 million. The Credit Union will operate under the PACE brand with sub-branding used to identify certain branch locations according to their original bonds of association.
“The financial strength of PACE combined with the expanded range of financial products and services will certainly be of benefit to our loyal membership. This is very exciting for our members and staff” said McMaster CEO Peter DeRosa.”
Bob Lockwood, CEO of ETCU Financial Credit Union, commented “Working with PACE makes so much sense for us given that ETCU and PACE do so much with the Toronto District School Board already. Our presence together will be an advantage for both membership groups”
Heather MacDonald, CEO of Peoples Credit Union, believes that the ability to compete more effectively in an increasingly challenging marketplace will be a key outcome of the proposed merger. “We’re excited for the opportunity to merge with a like-minded credit union having strong community roots; one that is also committed to providing personalized financial products and expertise delivered by a strong employee team and efficient technology. Our Credit Unions have a history of success, many years of conservative growth and profitable operations. We believe that now is the appropriate time to consider this undertaking. “
Larry Smith, PACE President and CEO adds “The merger of four great credit unions will give the combined Credit Union the scale, resources and efficiencies it needs to provide new products and improved member services and state of the art delivery channels. We will continue to stay close to our core values, our commitment to cooperative principles, to the communities we serve and to our employees who will benefit from additional opportunities for career advancement.”
The proposed agreements will be presented to the Credit Union memberships for approval later this year.
For more information contact: Dan Coldwell Vice President Business Development PACE Credit Union 905-738-8900 firstname.lastname@example.org
About McMaster Savings and Credit Union – based in Hamilton, McMaster predominantly serves the McMaster University community through 2 locations with 13 full and part time staff. They have 3,500 members and $30 million in assets.
For more information contact: Peter DeRosa CEO McMaster Savings and Credit Union Limited email@example.com 905-522-2903
About ETCU Financial Credit Union – based in Etobicoke, ETCU serve employees of the Toronto District School Board through their 1 location with 5 full time staff. They have 2,350 members and $57 million in assets.
For more information contact: Bob Lockwood CEO ETCU Financial Limited firstname.lastname@example.org 416-622-8500
About Peoples Credit Union – their Head Office is located in Innisfil, they serve the greater Barrie, Innisfil and Shelburne areas with 4 branches employing 51 full and part time staff. They have 8,700 members and $150 million in assets.
For more information contact: Heather MacDonald CEO Peoples Credit Union Limited email@example.com 705-436-2044
About PACE Savings and Credit Union Limited – their Head Office is located in Vaughan, they serve 24,000 members through locations in Toronto, Hamilton, Mississauga, Markham, Aurora, Stouffville and Uxbridge. PACE employs 90 full and part time staff and have assets of $460 million.