/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO ANY UNITED STATES NEWS
SERVICE OR OTHERWISE IN THE UNITED STATES/
HIGH RIVER, AB, March 10 /CNW/ - (TSX - WES, WES.PR.A, WES.PR.B) -
Western Financial Group (the "Company") announced today its disappointment
with the news that the Board of Directors of Community Savings Credit Union
(CU) had decided not to place its Proposal on the agenda of their March 18,
2008 shareholder meeting. The proposal included an offer by a subsidiary of
the company, Bank West, to acquire CU for approximately $345 million in cash,
shares and payments to members.
"Community Savings was an ideal platform on which we could mutually build
a leading western Canadian financial leader" said Scott Tannas, President and
CEO of the Company. "It is unfortunate that their members will not get the
opportunity to formally consider it", he said.
In response to a large number of requests from both CU and Western
Financial Group shareholders, the Proposal will be posted on the Company's web
site at www.westernfinancialgroup.net under "Press Releases".
Western Financial Group is a leader in providing insurance, financial
services and banking services in over 80 communities, to more than
400,000 individuals and businesses in Western Canada through its WFG Agency
Network locations, its affiliated insurance brokers, Western Life Assurance
Company and Bank West.
The Common Shares of Western Financial Group are traded on the Toronto
Stock Exchange under the symbol "WES".
For further information:
For further information: Arlene Beggs, Assistant to the President,
Western Financial Group, (403) 652-2663, firstname.lastname@example.org