Ottawa-based Alterna Savings and Credit Union Limited (Alterna) and Toronto Municipal Employees’ Credit Union (TMECU) have officially entered into formal discussions to pursue a merger, the two credit unions announced Thursday.
“This merger further enables us to support our members in the GTA and provide access across the province,” says Ivan Jankovic, chief executive officer of TMECU, in a statement. “Alterna Savings was founded by federal civil servants and has grown to serve Ontarians in communities across the entire province. Alterna understands the unique needs of our bond. They also have the resources, focus on technology and commitment to community needed to help better our members’ financial lives.”
“We’re very excited that TMECU is joining us in helping Ontarians achieve their financial dreams and build strong, vibrant communities,” says Rob Paterson, president and CEO of Alterna Savings, in a statement.
A Letter of Intent has been signed and, following due diligence and the completion of the transaction details, members of TMECU will be asked to vote on the proposed merger. The agreement will be finalized later this Fall.
The combined entity will have 34 locations with more than 165,000 members and $7.3 billion assets under administration.