TORONTO, July 13 /CNW/ - The Boards of Directors of So-Use Credit Union Limited (So-Use) and Ukrainian Credit Union Limited (UCU) are pleased to announce they have signed a Letter of Intent to merge. The Letter of Intent allows for the completion of formal negotiations to bring together their two financial co-operatives into a single full-service financial institution to serve the Ukrainian Community across Ontario.
The merged credit union will have more than 25,000 members and assets in excess of $470 million, making it the 15th largest in Ontario. With a combined workforce of close to 100 employees, members will enjoy expanded services that include internet and mobile phone banking, a call centre, Interac, and branches in Toronto, Mississauga, Oshawa, St. Catharines, Windsor, London, Sudbury and Thunder Bay.
The proposed merger comes after an extensive, six-month Request For Proposal process launched by So-Use that, in the end, identified UCU as the merger partner that would best meet the needs of So-Use members and most effectively support the credit union's values. UCU sought the merger as it has long considered So-Use to be an excellent fit with its business objectives and commitment to community.
Subject to full due diligence, a merger agreement is anticipated to be official by October 31, 2010. The transaction is subject to approval by regulators and by members of both credit unions. Prior to that, steps will be taken to ensure open communication with all members.
So-Use and UCU are entering the merger from a position of strength - both having a strong capital base, positive growth, solid earnings, and loyal members.
As So-Use and UCU enter the due diligence phase and finalize negotiations, both credit unions assure their respective members continued uninterrupted service.
The Boards of both credit unions are extremely proud and excited by the prospect of bringing together two great co-operatives whose combined histories of over 125 years will serve as the launching pad for a new era of service, convenience and prosperity for our respective members. Contacts:
SOURCE SO-USE CREDIT UNION LIMITED
For further information: For further information: Marc Sirard, CEO, So-Use Credit Union Limited, (416) 763-3718 x. 201, email@example.com; Taras Pidzamecky, CEO, Ukrainian Credit Union Limited, (416) 922-2797 x.210, firstname.lastname@example.org