Alterna Savings merges with City Savings & Credit Union

Ottawa-based Alterna Savings and Credit Union Ltd., the second-largest financial cooperative in Ontario, has merged with Toronto-based City Savings & Credit Union, the firm announced on Wednesday.

“We look forward to providing an expanded array of banking products and services to City Savings members under the Alterna banner,” said Rob Paterson, president and CEO of Alterna Savings, in a press release announcing the news.

City Savings has about 1,700 members with assets of $43 million through two branches in Toronto. Established in 1950, City Savings was originally named North York Municipal Employees Credit Union and served North York firefighters, hydro and municipal employees.

The merger of the two credit unions was completed on April 30 following a unanimous vote to join Alterna at the City Savings annual general meeting in April.

The merger represents Alterna’s second deal with a small Toronto-based credit union in less than six months. In December, Alterna merged with Toronto Municipal Employees’ Credit Union Ltd. (TME Savings).

After the merger with City Savings, Alterna has 35 locations, 166,000 members, and $8 billion in assets under administration.

Rudy Mezzetta

Rudy is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on tax, estate planning, industry news and more since 2005. Reach him at rudy@newcom.ca.