TORONTO, Aug. 26 /CNW/ - Toronto-based DUCA Financial Services Credit
Union has entered into discussions to purchase the assets and combine
the operations of Virtual One Credit Union with an anticipated
completion date of January 1, 2011.
Virtual One, with 5 branches in Southern Ontario, $160M in assets and
8,700 members will join DUCA's 12 branches, $1B in assets and 35,000
"This is a great fit, both geographically and culturally as the two
credit unions seek to enhance value for their respective members through
additional service locations" said David Bird, CEO of Virtual One. The
merged entity will be well capitalized and will be able to take
advantage of economies of scale as it reaches out to extend its value
proposition into new communities.
Upon due diligence and DICO approval, the formal proposal will be
presented to their respective memberships later in 2010.
Although DUCA and Virtual One have distinct histories, they have always
shared a common commitment to their members, their financial success and
the communities in which they live and serve. "This commitment will be
carried on and strengthened in the combined entity which will employ
more than 145 people from our communities" said Jack Vanderkooy,
President & CEO of DUCA.
SOURCE DUCA Financial Services Credit Union Ltd.
For further information: For further information:
Jack Vanderkooy, President & CEO, DUCA Financial Services Credit Union Ltd., 416-223-8838 X 253