“Western Financial Group’s bid to take over Community Savings and make it into a publicly traded bank is inconsistent with credit union values,” says Graham Wetter, president and CEO of Alberta Central.

The High River-based Western Financial Group has issued a takeover bid for Community Savings. Under the terms of the proposal, WFG would acquire Community’s assets and liabilities under WFG’s wholly owned subsidiary Bank West.

This expression of interest comes as Community’s proposed merger with Servus and Common Wealth credit unions goes for approval to membership meetings of the three credit unions in mid-March.

From the point of view of Alberta Central, the provincial support service organization for Alberta credit unions, the proposed takeover is not a good fit with credit union principles and would not be in the best interest of the credit union system in Alberta in general, or Community’s member-owners.

“We are committed to doing what is best for our member-owners, not a group of private shareholders. This is how we differentiate ourselves, and this is why our members do business with us,” explains Wetter. “Banks operate according to a very different philosophy and corporate structure, and are simply unable to deliver the credit union advantage to their customers.”

As well, Alberta credit union members a covered by a 100% deposit guarantee, which is not available to bank customers.