Ontario's Pace Credit Union and Alterna Savings sign deal to become one

TORONTO – Pace Credit Union and Alterna Savings said Friday they have signed a deal to merge.

The new credit union will have 39 branches in Ontario under both the Pace and Alterna Savings banners with a total of 600 staff and a base of 140,000 members and $4.1 billion in assets under administration.

Alterna Savings chief executive Rob Paterson will serve as CEO of the combined credit union and Pace CEO Larry Smith will become president.

The agreement is still subject to due diligence, regulatory approval and approval by the credit unions’ respective members.

Alterna Savings was founded in 1908 and has more than 100,000 members across the province, while Pace has 40,000 members and 15 locations.

“This is a perfect partnership that benefits our members and our employees,” Paterson said in a statement.

“We have been serving communities beside each other for years, and our common focus and co-operative spirit have made this an easy and logical decision.”