Alterna and Member Savings join forces

By The IJ Staff | October 22 2020 11:45AM

Alterna Savings and Credit Union Limited and Member Savings Credit Union Limited (MSCU) are joining forces with Member Savings becoming part of Alterna at the end of this year, the organizations announced.

The amalgamation will mean an expanded network of 37 branches across Ontario, access to a contact centre seven days a week, enhanced digital capabilities, resources to invest in technology as well as a broader spectrum of products and services available for member-owners, say the credit unions. In addition, MSCU's dedicated workforce will join the Alterna team and have expanded development and growth opportunities available to them.

Union will increase Alterna membership

For Alterna, the merger will expand its membership base into several stable industries as MSCU serves employees and their families of the LCBO, OCRC (operating as the Ontario Cannabis Store), AGCO, Honeywell Limited, MTS Allstream Inc., and the Shell Group of companies.

A merger agreement has been signed and due diligence has been completed. Once regulatory approvals are received, members of MSCU will be asked to vote on the proposed merger later this fall.   

"Alterna Savings is an excellent partner," said Sharon Kent, chief executive officer of MSCU. "This will allow us to bring our members enhanced services, as well as significant access to branches across Ontario. I am confident this is a pivotal move for the long-term growth of our credit union, and will provide substantial benefits to our members and staff."

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