Alterna Appoints New President and CEO

    Industry Leader John Lahey to Focus on Growth

    OTTAWA and TORONTO, June 11 /CNW/ - The Boards of the Alterna Group
-Alterna Savings and Alterna Bank - today announced that John Lahey has been
appointed the new President & CEO.
    Alterna Savings Board Chair Earl Campbell stated, "John has the skills,
experience and talent to fulfill Alterna's goal of being the leader in
co-operative financial services. With John's extensive leadership experience
in the financial services sector, we will show the market that credit unions
are not only a viable, competitive alternative to the traditional banks, but
in today's marketplace the only institution that credibly balances people,
community and financial stewardship."
    Mr. Lahey said, "I was attracted to Alterna because of its storied
history, its strong leadership position in the credit union system and most
importantly, its far-reaching commitment to a positive, progressive future. I
am excited about and committed to working closely with the Board and all
Alterna employees in leading the company to an even more successful future."
    Mr. Lahey will guide Alterna in its forward-looking strategy with a focus
on growth. Alterna's intention is to grow its membership base, particularly
with young adults. Alterna is also committed to growing as a viable
alternative in the financial services sector, aligning with market segments
that match the organization's values, and becoming a major competitor in
Canadian financial circles.
    Mr. Lahey's start date at Alterna will be July 9, 2007 and he will be
dividing his time between Alterna's Toronto and Ottawa Corporate Offices.
    As Alterna Bank Board Chair Jim Frank stated, "With Alterna Bank poised
for national expansion, we want to make sure we take advantage of the
opportunities that are arising for us outside Ontario."
    Mr. Lahey brings extensive experience to his new role at Alterna having
spent his career in the financial services sector. Since March 2001, Mr. Lahey
has served as President and Chief Executive Officer of Hamilton based
FirstOntario Credit Union. He joined the credit union after having spent
almost 25 years with CIBC in increasingly senior roles, including Human
Resources head for Retail and Commercial banking, Region Head for Retail and
Small Business in South-Western Ontario, as well as almost two years
responsible for CIBC's 1,350 domestic branches across Canada. Immediately
prior to his joining FirstOntario, Mr. Lahey served as Senior Vice-President
and Chief Operations Officer in the E-Commerce division of CIBC.
    Mr. Lahey's voluntary contributions include participation in committees
at the Deposit Insurance Corporation of Ontario and Credit Union Central of
Ontario. He is also a former Director of Selient Technologies Inc. and the
CUMIS Group, as well as a former Governor of the University of Guelph. He is a
past Campaign Chair, Small Business for the London Health Sciences Centre,
London, Ontario.
    Mr. Lahey has a B.A.A. from Ryerson University and an M.B.A. degree from
York University. In November 2005, Ryerson University honoured Mr. Lahey by
awarding him the coveted Alumni Award of Distinction. He is married to Louise,
has two daughters, Kate and Elizabeth, and makes his home in Oakville.

    About Alterna

    Alterna Savings is a member-owned, member-focused provider of financial
services. With over 500 employees, Alterna Savings serves its approximately
150,000 members through 23 branches and 80 ABM locations across Ontario. With
approximately $1.8 billion in assets, Alterna Savings is one of Canada's
largest credit unions.
    Alterna Bank is a wholly-owned subsidiary of Alterna Savings and a
federally licensed bank, formed in 2000. With two branches in Gatineau, Quebec
and providing services through Alterna Savings branches in Ontario, Alterna
Bank provides banking with co-operative principles in mind.
    For more information about Alterna Savings and Alterna Bank, please visit
our website at

For further information:

For further information: Robyn Hall, Communications Manager, Alterna
Savings, (416) 252-5625 ext. 7654,

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