World Library  
Flag as Inappropriate
Email this Article

Alterna Savings

Article Id: WHEBN0002654154
Reproduction Date:

Title: Alterna Savings  
Author: World Heritage Encyclopedia
Language: English
Subject: ATM usage fees, Credit unions of Canada, CO-OP Financial Services, Canada Banking Company, Canada Bank Company
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Alterna Savings

Alterna Savings
Credit Union
Industry Financial services
Founded 1908 Ottawa, Ontario
Headquarters Ottawa
Key people
Rob Paterson
Products Savings; checking; consumer loans; mortgages; credit cards; online banking
Number of employees
500
Website www.alterna.ca/AlternaSavings/

Alterna Savings & Credit Union Ltd. is a Canadian credit union, formed in 2005 by the merger of CS CO-OP and Metro Credit Union, which provides full daily banking services, loans and mortgages, investment services and business banking. At the close of 2011 Alterna Savings had CN$2.3 billion in assets and approximately 103,000 members. It had 24 branches in Ottawa, Kingston, North Bay, Pembroke and Toronto. It also provides service across Canada through its subsidiary, Alterna Bank, which has two branches in Gatineau, Quebec.[1]

Contents

  • CS CO-OP 1
  • Metro Credit Union 2
  • Ottawa Women's Credit Union 3
  • History 4
  • Memberships 5
  • References 6
  • External links 7

CS CO-OP

The Civil Service Savings and Loan Society, launched in 1908 with the assistance of Alphonse Desjardins, 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. 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 (CS CO-OP). Although it has always been one of the largest credit unions in Ontario, it never joined Credit Union Central of Ontario.

Metro Credit Union

Metro CU was incorporated in August 1949 as the University of Toronto Employees' Credit Union. 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.

Ottawa Women's Credit Union

The Ottawa Women’s Credit Union was a Canadian credit union formed in 1980 in Ottawa, Ontario, Canada, that provided 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. On October 21, 2013 the members of the Ottawa Women’s Credit Union voted to merge with Alterna Savings. On October 31, 2013 the Ottawa Women’s Credit Union merged with Alterna Savings to form Alterna Savings’ Centretown Community branch.

History

CS CO-OP and Metro CU 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 Alterna Bank ('Alterna Bank'). The new bank was launched in October 2000 to offer service across Canada.

Gary H. Gillam, a leader of the credit union until his death in 1993, shaped Metro Credit Union's reputation as a pioneer in social responsibility. The credit union operates a microcredit fund for disadvantaged Toronto entrepreneurs, and was one of the first financial institutions in Canada to perform regular social audits.

Memberships

References

Notes
  1. ^ https://www.alternabank.ca/AboutUs/
Bibliography
  • Ron 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

  • Official website
  • Site of subsidiary Alterna Bank
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from World eBook Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.