Community Savings Caught in the Crossfire of City / County Dispute

Community Savings' 18-month exploration of provincial headquarter options reflects its corporate growth. After significant expansion of its branch network, a complementary approach must be introduced to absorb the impact on its headquarter capacity.

The Parkland Square building has headquartered Community Savings since the 1981, when the credit union had 12 branches and $140 million in assets. The credit union is quickly approaching $2.4 billion in assets and has 28 branches and two service outlets located throughout Central and Southern Alberta.

After extensive research identified no options to address its requirements within Red Deer City limits, Community Savings purchased the Gasoline Alley land in the summer of 2006. The rezoning required for a provincial headquarters on the land will go before Red Deer County on February 6. It will be tabled for several weeks.

Community Savings has every confidence that the City of Red Deer and Red Deer County will resolve their outstanding developmental issues.

Community Savings has and will retain a strong presence in Red Deer's Downtown. To this end, renovations will be underway shortly at the Parkland Square Branch at 49th Avenue and 48th Street. Plans for the tower indicate that it will remain at or near 100 percent occupancy.

Community Savings has more that 60 years of experience serving the people of Alberta. It is the second largest Alberta-based credit union and seventh largest in Canada. It offers a complete line of banking products and services, including registered accounts, financing, investments, and insurance. As a member-owned financial institution, Community Savings serves more than 100,000 individuals and businesses with 28 full service locations and 2 service outlets throughout Central and Southern Alberta. They employ 575 people.