Alterna Savings Announces Opening of Westboro Branch and New Head Office in 2015

Third new Ottawa branch announcement in last 12 months to help meet growing needs of local residents and businesses

OTTAWA, May 6, 2014 /CNW/ - Alterna Savings, Ontario's oldest credit union and one of its strongest community-based co-operative financial institutions, announced that it has broken ground at its Westboro branch and new head office location. "Place Alterna" will be located at 319 McCrae Avenue in the heart of Westboro Village, one of Ottawa's most vibrant neighbourhoods, and is scheduled to open in 2015. This is Alterna's third new Ottawa branch announcement in the last 12 months.

At the May 5th Westboro Connection ceremony hosted by developer BridgePort Realty, Alterna's President & CEO Rob Paterson and SVP & Chief Administrative Officer José Gallant were proud to join Ottawa mayor Jim Watson, councillor Katherine Hobbs, community representatives as well as Alterna staff and members to celebrate the ground-breaking for Alterna's 12th branch in the National Capital Region and its new head office. This will also represent Alterna's 25th branch overall.

"As a member-owned credit union with more than a century of putting people and communities first, Alterna is thrilled to finally be planting roots in such a vibrant community as Westboro Village," explained Rob Paterson, President & CEO of Alterna Savings. "As we expand across the province, we remain committed to supporting the local neighbourhoods we serve and this investment in Ottawa is no exception. Place Alterna is about more than bricks and mortar. It's about staying true to our history of working tirelessly to provide our members with the services and products they need and expect as we grow the Alterna community."

The bright new state-of-the-art facility will feature a contemporary, full-service bilingual branch for members that echoes design elements of Alterna's Ottawa flagship branch, Place de Ville. New work spaces will offer a fresh, open concept design intended to foster collaboration within Alterna's high performance culture and help employees engage in important conversations with members about their financial goals and needs.

"We know the people of Westboro are passionate about the success of local businesses, and we couldn't be more excited to have found a like-minded community," explained Rob. "We are not only excited to contribute to Westboro in ways that will help its residents and businesses thrive and grow, we are also pleased the location is close to our current head office, has ample parking, is next to public transportation, and provides a wide range of restaurants and services for employees and members to enjoy."

This ground-breaking event comes off the heels of the recent announcement that Alterna Savings and PACE Credit Union intend to join forces, creating the second largest credit union in Ontario in terms of assets under administration. The outcome will be a credit union with increased entrepreneurship, skills, services and capacity that will maintain their local brands, personalities and local community spirit through a federated operating structure. This new entity will operate 40 branches, employ 600 staff and serve a growing membership of 140,000.

About Westboro Connection
Developed by Canadian-owned BridgePort Group of Companies led by Hugh Gorman, Westboro Connection is a rare mixed-use development. It will consist of two towers that are connected by a street front retail podium and two levels of underground parking in addition to surface parking. The seven storey office building will consist of 116,304 square feet of Class "A" office space that will be designed to LEED Silver certification. The 126 unit apartment building will feature efficient floor plans that maximize each unit's useful space with finishing's that are comparable to nearby condominium developments. The retail podium will provide the flexibility to accommodate up to 20 foot clear height on a single floor or potentially 16 foot clear height on two floors of retail, depending on the prospective tenants specific requirements. It is expected that the development will be completed early in 2015. Visit www.westboroconnection.com for more details.

About Alterna Savings
As Canada's first co-operative financial institution outside Quebec founded in 1908, Alterna Savings and Credit Union Limited. is a full-service, member-owned credit union. Alterna Savings serves over 100,000 members throughout the province of Ontario, and currently holds C$3.3 billion in assets under administration. From trustworthy financial advice to local investment and support, Alterna Savings offers a fresh alternative to the 'Big Banks'. Learn about the Alterna Savings difference at alterna.ca, or follow us @alternasavings and like us on Facebook.


Image with caption: " Alterna Savings Announces Opening of Westboro Branch and New Head Office in 2015 (CNW Group/Alterna Savings)". Image available at: http://photos.newswire.ca/images/download/20140506_C6798_PHOTO_EN_40032.jpg

SOURCE: Alterna Savings

For further information:

Terance Brouse
Senior Associate, Broad Reach Communications
647-274-5249
tbrouse@broadreachcommunications.com

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