/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO ANY UNITED STATES NEWS
SERVICE OR OTHERWISE IN THE UNITED STATES/
HIGH RIVER, AB, March 6 /CNW/ - (TSX - WES) - Western Financial Group
(the Company) announced today that it intends to submit a proposal to acquire
the assets and liabilities of Community Savings & Credit Union (Community
Savings) of Red Deer, Alberta. Community Savings is the second largest credit
union in Alberta, with assets of $2.72 billion.
Scott Tannas, President & CEO of Western Financial Group said: "We have
informed the Board of Directors of Community Savings of our pending proposal
and requested that it be placed on the agenda at their Special Meeting on
March 18, 2008. This Special Meeting has already been called for the purpose
of approving a merger proposal that involves Community Savings and two other
Alberta-based credit unions. Our proposal, which has not yet been placed on
the March 18th agenda, is a strong alternative to the merger currently under
Mr. Tannas added: "Our proposal contains significant benefits to the
110,000 members and 625 employees of Community Savings."
- A significant cash windfall for each and every Community Savings
member, as a result of a significant valuation premium over the
current merger proposal;
- 100% job security for the hard working employees of Community
Savings, both in Head Office and in all 30 branches;
- Complete preservation of the products, prices, service levels and
branches that exist today. Under the Bank West banner, Community
Savings members will not notice any change in the excellent service
and operations that they enjoy today across the network.
"There are a great number of similarities between our organizations,"
said Tannas. "We are in many of the same towns and cities, we have the same
community based values and culture, and we estimate that 20% of Community
Savings members are already insurance customers of Western Financial Group,"
The submission will detail the terms and conditions of the proposed
transaction and will include Federal and Provincial regulatory approvals, the
shareholder approval of both organizations, and approval of a comprehensive
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