Western Financial Group announced today that it intends to submit a proposal to acquire the assets and liabilities of Community Savings & Credit Union of Red Deer, Alta.

Community Savings is the province’s second largest credit union, with assets of $2.72 billion.

Community Savings & Credit Union is holding a meeting March 18 to vote on a proposed combination with two other Alberta credit unions, and Western Financial Group has asked that its proposal be put on the meeting’s agenda.

“Our proposal, which has not yet been placed on the March 18th agenda, is a strong alternative to the merger currently under
consideration,” said Scott Tannas, president & CEO of Western Financial Group, in a release.

“Our proposal contains significant benefits to the 110,000 members and 625 employees of Community Savings,” Tannas added.

Western Financial will release financial details later but said it would provide “a significant cash windfall for each and every Community Savings member,” and promises “100% job security” for employees at its head office and 30 branches.

“There are a great number of similarities between our organizations,” said Tannas. “We are in many of the same towns and cities, we have the same community based values and culture, and we estimate that 20% of Community Savings members are already insurance customers of Western Financial Group,”
he said.

Western Financial Group provides insurance, financial
services and banking services in over 80 communities, to more than 400,000 individuals and businesses in Western Canada.