Established as the Civil Service Savings and Loan Society, it was the first Canadian approach to cooperative banking outside Quebec. Alterna Bank, launched in 2000, was one of Canada's first financial institutions to operate primarily through digital access. The parent organization adopted the Alterna name on merging with Toronto's Metro Credit Union in 2005. It is the second-largest credit union in Ontario, with C$10 billion in assets under management, over 217,000 members, and 41 branches.[1]
Alterna's major growth event was the 1 April 2005 merger between CS CO-OP and Metro Credit Union. The combined assets were $1.8 billion and the merger was described as the "first of its size to be approved in Ontario history".[2] After merging with Metro, the parent organization adopted the Alterna name.[3] Eight years later, Alterna began absorbing smaller credit unions with seven transactions between 2013, 2020, and 2022.
Civil Service Savings and Loan Societyedit
The Civil Service Savings and Loan Society launched in 1908 with the assistance of Alphonse Desjardins. It was the first credit union in Canada outside Quebec. Federal civil servants were prompted by an article in their magazine The Civilian, when it reported on loan sharks charging civil servants up to 200% for payday loans.[4] After the Government of Ontario passed a credit union law in 1928, the Ottawa-based institution was re-chartered as the Civil Service Co-operative Credit Society, which later operated as CS CO-OP.
Metro Credit Unionedit
Metro Credit Union was incorporated 30 August 1949 as the University of Toronto Employees' Credit Union.[5] It became the University and Colleges Credit Union in 1975, which later operated as Unicoll.[4] Over the years it absorbed a variety of smaller credit unions, primarily ones that served universities, colleges or hospitals. It became a community bond credit union, open to all residents of Toronto, in 1994.
Gary H. Gillam, a leader of the credit union until his death in 1993, shaped Metro Credit Union's reputation as a pioneer in socially responsible investing. Alterna continues to operate a microcredit fund for disadvantaged Toronto entrepreneurs, and was one of the first financial institutions in Canada to perform regular social audits.
CS CO-OP and Metro were active participants in the negotiations of 12 credit unions across the country for a national co-operative bank in 1998. Though these negotiations were unsuccessful, they opened a door for CS CO-OP, under the leadership of Gary Seveny, to secure a bank charter for its subsidiary CS Loan Corporation,[4] established as a Canada Deposit Insurance Corporation member in 1992.[6] The new bank was launched as CS Alterna Bank in October 2000 to offer service across Canada.
Expansionedit
Ottawa Women's Credit Union (October 2013) – The Ottawa Women's Credit Union formed in 1980 to provide financial products, services and training based on the philosophy of women helping women to become financially autonomous. The credit union was founded by Lynne Markell, Aline Akeson and Dorothy O'Connell after they recognized that the best way to help low income women in the Ottawa area was with a member-owned financial co-operative managed by and for women. The members voted to merge with Alterna Savings to form its Centretown branch in October 2013.[7]
Toronto Municipal Employees' Credit Union (1 December 2018) – it remains a separate division operating as Toronto Municipal Employees' Savings (TME Savings).[9]
City Savings & Credit Union Ltd. (1 May 2019) – Toronto-based City Savings & Credit Union Ltd. was previously called North York Municipal Employees Credit Union and had two branches and $43 million in assets at the time of the merger.[10][11]
Alterna was one of the first financial institutions to make loans to businesses focusing on cannabis in Canada following its legalization, providing primary banking services for approximately two-thirds of the hundred licensed growers in 2018.[18]
^Alterna Savings (28 Aug 2022). "City Savings is now Alterna Savings and Credit Union Limited". Retrieved 28 Aug 2022.
^. Investment Executive. 9 February 2005. Archived from the original on 30 November 2020. Retrieved 30 November 2020.
^The Civil Service Co-operative Credit Society, Limited (11 February 2002). (PDF). Archived from the original (PDF) on 2 May 2019. Retrieved 2 May 2019.
^ abc"Alterna Savings: A century of cooperation" (PDF). Scoop: Your Newsletter (Winter): 5–8. 2008.
^Ontario Legislative Assembly (1950). Sessional Papers. p. 88.
^Canada Deposit Insurance Corporation (30 June 1997). "CDIC Annual Report 1996/1997" (PDF). Retrieved 1 May 2019.
^(PDF). 29 October 2013. Archived from the original (PDF) on 4 December 2020. Retrieved 2 May 2019.
^(PDF). 26 January 2019. Archived from the original (PDF) on 30 November 2020. Retrieved 30 November 2020.
^(PDF). 6 December 2018. Archived from the original (PDF) on 2 May 2019. Retrieved 2 May 2019.
^. Investment Executive. 1 May 2019. Archived from the original on 22 November 2020. Retrieved 22 November 2020.
^(PDF). Alterna Savings. Archived from the original (PDF) on 22 November 2020. Retrieved 22 November 2020.
^. The Toronto Star. 4 December 2019. Archived from the original on 27 March 2020. Retrieved 30 November 2020.
^(PDF). Archived from the original (PDF) on 30 November 2020. Retrieved 30 November 2020.
^Mezzetta, Rudy (21 October 2020). . Investment Executive. Archived from the original on 1 November 2020. Retrieved 30 November 2020.
^. Archived from the original on 23 September 2023. Retrieved 23 September 2023.
^"Transaction between Alterna and PACE successfully completed". Financial Services Regulatory Authority. 6 July 2022. Retrieved 12 March 2023.
^. Investment Executive. 4 April 2014. Archived from the original on 22 November 2020. Retrieved 22 November 2020.
^Alexander, Doug (6 April 2018). "Alterna CEO embraced weed business when nobody else would". Toronto Star. Retrieved 2 May 2019.
^Coopers, Pricewaterhouse (December 31, 2021). "Consolidated Financial Statements of Alterna Savings" (PDF). Alterna Savings. p. 11. Retrieved 31 August 2022.
Bibliography
Ron Kenyon, To the Credit of the People, The Ontario Credit Union League Ltd., 1976.
alterna, savings, alterna, redirects, here, rize, album, alterna, album, video, game, setting, splatoon, credit, union, limited, commonly, called, french, caisse, alterna, credit, union, based, ottawa, ontario, canada, addition, credit, union, branches, ontari. Alterna redirects here For the Rize album see Alterna album For the video game setting see Splatoon 3 Alterna Savings and Credit Union Limited commonly called Alterna Savings French Caisse Alterna is a credit union based in Ottawa Ontario Canada In addition to its credit union branches in Ontario it also operates across Canada through its direct banking subsidiary Alterna Bank Alterna Savings and Credit Union LimitedTrade nameAlterna SavingsTypeCredit UnionIndustryFinancial servicesFoundedSeptember 3 1908 115 years ago 1908 09 03 as the Civil Service Savings and Loan Society in Ottawa Ontario CanadaKey peopleRob Paterson President amp CEOProductsSavings chequing consumer loans mortgages credit cards online bankingAUMC 10 billion 2023 Members217 000 2023 Number of employees800SubsidiariesAlterna BankWebsitewww wbr alterna wbr caEstablished as the Civil Service Savings and Loan Society it was the first Canadian approach to cooperative banking outside Quebec Alterna Bank launched in 2000 was one of Canada s first financial institutions to operate primarily through digital access The parent organization adopted the Alterna name on merging with Toronto s Metro Credit Union in 2005 It is the second largest credit union in Ontario with C 10 billion in assets under management over 217 000 members and 41 branches 1 Contents 1 History 1 1 Civil Service Savings and Loan Society 1 2 Metro Credit Union 1 3 Expansion 2 Memberships 3 References 4 External linksHistory editAlterna s major growth event was the 1 April 2005 merger between CS CO OP and Metro Credit Union The combined assets were 1 8 billion and the merger was described as the first of its size to be approved in Ontario history 2 After merging with Metro the parent organization adopted the Alterna name 3 Eight years later Alterna began absorbing smaller credit unions with seven transactions between 2013 2020 and 2022 Civil Service Savings and Loan Society edit The Civil Service Savings and Loan Society launched in 1908 with the assistance of Alphonse Desjardins It was the first credit union in Canada outside Quebec Federal civil servants were prompted by an article in their magazine The Civilian when it reported on loan sharks charging civil servants up to 200 for payday loans 4 After the Government of Ontario passed a credit union law in 1928 the Ottawa based institution was re chartered as the Civil Service Co operative Credit Society which later operated as CS CO OP Metro Credit Union edit Metro Credit Union was incorporated 30 August 1949 as the University of Toronto Employees Credit Union 5 It became the University and Colleges Credit Union in 1975 which later operated as Unicoll 4 Over the years it absorbed a variety of smaller credit unions primarily ones that served universities colleges or hospitals It became a community bond credit union open to all residents of Toronto in 1994 Gary H Gillam a leader of the credit union until his death in 1993 shaped Metro Credit Union s reputation as a pioneer in socially responsible investing Alterna continues to operate a microcredit fund for disadvantaged Toronto entrepreneurs and was one of the first financial institutions in Canada to perform regular social audits CS CO OP and Metro were active participants in the negotiations of 12 credit unions across the country for a national co operative bank in 1998 Though these negotiations were unsuccessful they opened a door for CS CO OP under the leadership of Gary Seveny to secure a bank charter for its subsidiary CS Loan Corporation 4 established as a Canada Deposit Insurance Corporation member in 1992 6 The new bank was launched as CS Alterna Bank in October 2000 to offer service across Canada Expansion edit Ottawa Women s Credit Union October 2013 The Ottawa Women s Credit Union formed in 1980 to provide financial products services and training based on the philosophy of women helping women to become financially autonomous The credit union was founded by Lynne Markell Aline Akeson and Dorothy O Connell after they recognized that the best way to help low income women in the Ottawa area was with a member owned financial co operative managed by and for women The members voted to merge with Alterna Savings to form its Centretown branch in October 2013 7 Peterborough Community Savings 1 March 2016 8 Nexus Community Savings 1 December 2016 Toronto Municipal Employees Credit Union 1 December 2018 it remains a separate division operating as Toronto Municipal Employees Savings TME Savings 9 City Savings amp Credit Union Ltd 1 May 2019 Toronto based City Savings amp Credit Union Ltd was previously called North York Municipal Employees Credit Union and had two branches and 43 million in assets at the time of the merger 10 11 Quinte First Credit Union 1 June 2020 12 13 Member Savings Credit Union Ltd 2021 a merger with the 119m Member Services was announced in Oct 2020 and closed in January 2021 14 15 Pace Savings amp Credit Union July 2022 Alterna absorbed the former PACE business in a purchase administered by the Financial Services Regulatory Authority of Ontario 16 There is a history between Alterna and PACE as there was a failed deal in 2014 when a letter of intent regarding a merger between the two credit unions was announced in April but the merger was never completed 17 Alterna was one of the first financial institutions to make loans to businesses focusing on cannabis in Canada following its legalization providing primary banking services for approximately two thirds of the hundred licensed growers in 2018 18 Memberships editCentral 1 Credit Union 19 Interac The Exchange Cirrus Network Maestro debit card Financial Services Regulatory Authority of Ontario deposit insurance Co op NetworkReferences editNotes Alterna Savings 28 Aug 2022 City Savings is now Alterna Savings and Credit Union Limited Retrieved 28 Aug 2022 CS CO OP Metro CU members approve merger Investment Executive 9 February 2005 Archived from the original on 30 November 2020 Retrieved 30 November 2020 The Civil Service Co operative Credit Society Limited 11 February 2002 Offering Statement PDF Archived from the original PDF on 2 May 2019 Retrieved 2 May 2019 a b c Alterna Savings A century of cooperation PDF Scoop Your Newsletter Winter 5 8 2008 Ontario Legislative Assembly 1950 Sessional Papers p 88 Canada Deposit Insurance Corporation 30 June 1997 CDIC Annual Report 1996 1997 PDF Retrieved 1 May 2019 Ottawa Women s Credit Union and Alterna Savings to partner PDF 29 October 2013 Archived from the original PDF on 4 December 2020 Retrieved 2 May 2019 Peterborough Community Credit Union to join Alterna Savings as first to operate under federated model in Ontario PDF 26 January 2019 Archived from the original PDF on 30 November 2020 Retrieved 30 November 2020 Toronto Municipal Employees Savings now a division of Alterna Savings PDF 6 December 2018 Archived from the original PDF on 2 May 2019 Retrieved 2 May 2019 Alterna Savings merges with City Savings amp Credit Union Investment Executive 1 May 2019 Archived from the original on 22 November 2020 Retrieved 22 November 2020 City Savings members vote unanimously to join Alterna Savings PDF Alterna Savings Archived from the original PDF on 22 November 2020 Retrieved 22 November 2020 Alterna Savings Quinte First credit unions to merge sign letter of intent The Toronto Star 4 December 2019 Archived from the original on 27 March 2020 Retrieved 30 November 2020 Quinte First Merger with Alterna Savings and Credit Union Q amp A PDF Archived from the original PDF on 30 November 2020 Retrieved 30 November 2020 Mezzetta Rudy 21 October 2020 Alterna to merge Member Savings Credit Union Investment Executive Archived from the original on 1 November 2020 Retrieved 30 November 2020 Member Savings Credit Union has merged with Alterna Savings Archived from the original on 23 September 2023 Retrieved 23 September 2023 Transaction between Alterna and PACE successfully completed Financial Services Regulatory Authority 6 July 2022 Retrieved 12 March 2023 PACE Credit Union and Alterna to merge Investment Executive 4 April 2014 Archived from the original on 22 November 2020 Retrieved 22 November 2020 Alexander Doug 6 April 2018 Alterna CEO embraced weed business when nobody else would Toronto Star Retrieved 2 May 2019 Coopers Pricewaterhouse December 31 2021 Consolidated Financial Statements of Alterna Savings PDF Alterna Savings p 11 Retrieved 31 August 2022 BibliographyRon Kenyon To the Credit of the People The Ontario Credit Union League Ltd 1976 Branch listing https www alterna ca ToolsAndCalculators FindBranchATM branch show Alterna s consolidated financial statements https www alterna ca AboutUs Governance CorporateReports External links editOfficial website nbsp Site of subsidiary Alterna Bank Retrieved from https en wikipedia org w index php title Alterna Savings amp oldid 1188594746, wikipedia, wiki, book, books, library,
