On December 1st, trailblazing Ontario credit union, Alterna Savings and Credit Union Limited (Alterna) and Toronto Municipal Employees’ Credit Union Limited (TME Savings) successfully closed their merger agreement. This step forward follows a Special Member Meeting held on November 7th, 2018, where TME Savings members voted overwhelmingly in favour of joining Alterna.
Other than a name change to “Toronto Municipal Employees’ Savings, a division of Alterna Savings and Credit Union Limited”, it will be business as usual for the two TME Savings branches.
“We’re thrilled that this partnership will sustain and deliver on TME Savings’ commitment to offer its members the services, products and technologies that are must-haves in today’s rapidly changing financial services world,” said Rob Paterson, President and CEO of Alterna Savings. “At the same time, we’re also pleased to be expanding Alterna’s footprint in the GTA by strengthening our presence in the Toronto downtown and Etobicoke areas.”
This is the third partnership of this type for Alterna in the past three years. In 2016, Alterna successfully merged with Nexus Community Savings and Peterborough Community Savings, expanding Alterna’s footprint by 10 branches across Ontario.
Due diligence was completed in the Summer of 2018 on the TME Savings and Alterna partnership, which was publicly announced on August 23, 2018.