Credit union groups call off merger talks

Central 1 Credit Union and Credit Union Central Alberta have called off merger talks started in the fall of last year. The two organizations act as the central financial facilities and trade associations for the B.C. and Ontario, and the Alberta, credit union systems respectively.

“Our preliminary discussions focused on whether or not a potential merger might enhance our capacity to better meet the needs of credit unions and support their continued expansion in the marketplace,” says Graham Wetter, president and CEO of Alberta Central. “We have not been able to make the progress that we had hoped to, and have concluded that we should focus on other priorities, at this time.”

Don Rolfe, Central 1’s president and chief executive officer, states that, “Although we do not believe our combination is currently achievable, Central 1 and Alberta Central will continue to explore whether opportunities to collaborate exist that will bring greater benefits to credit unions in all three provinces.”

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