OAKVILLE, ON, Oct. 28, 2013 /CNW/ - Canadian First Financial Group Inc. ("Canadian First") announced today that the acquisition of MonCana Capital Corporation, the parent of MonCana Bank of Canada ("MonCana Bank"), was completed on Friday, October 25, 2013. The enhanced Canadian First organization provides consumers and distribution partners the strength, security and stability they expect from a Schedule I Bank and a member of Canada Deposit Insurance Corporation. Since 2011, MonCana Bank has originated over $1-billion of residential mortgages and currently has a deposit base of $136-million.
"This acquisition marks another milestone in the creation of a new type of financial organization that will deliver one-stop shopping convenience for retail banking, wealth management and insurance products and services," said Peter Vukanovich, president and CEO, Canadian First. "We have significantly advanced our growth plan by aligning MonCana Bank's expertise, infrastructure and relationships with Canadian First's network of top-producing financial services professionals. We are also delighted to welcome more than 7,000 MonCana Bank customers to Canadian First."
About Canadian First Financial
Canadian First Financial partners with top financial service professionals by promoting community based owner-managed financial centres. Our mission is to change the way Canadians think about banking. We believe that Canadians deserve the best advice and the choice of dealing with their trusted mortgage, wealth management or insurance professional for all of their banking and financial needs. We are committed to empowering our network of financial services professionals with the ability to do more for their customers while creating a more valuable and sustainable business for themselves. Canadian First has assembled an accomplished and distinguished leadership team and board of directors with extensive financial services and technology experience.
For more information about our people and our vision, please visit our website at http://www.canadianfirst.com.
Note to Editors: This news release contains forward-looking statements that relate to Canadian First's current expectations and view of future events.
SOURCE: Canadian First Financial Holdings Limited
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