NEWS RELEASE for March 20, 2008
Red
Deer – "When we announced that we planned to open five branches in Calgary,"
says Murray Haubrich, President and Chief Executive Officer of Community Savings,
" it was part of our vision to create a service oriented network of branches throughout
Central and Southern Alberta. Now it's a fundamental hub of the province-wide
coverage that we will be able to provide when we complete our merger in the fall."
Community Savings made the decision to introduce branches in Calgary
in 2006. Its first branch, and 30th location, opened its doors on March 10, 2008.
Located at Blackfoot Trail and 34th Avenue SE, it specializes in commercial lending,
investment options, and day-to-day business banking services.
"The
Blackfoot Branch is the second phase of our market entry into the City of Calgary,"
notes Scot Hadden, Vice President, Calgary & Southern Alberta. "We've been providing
business financing here since 2000, and established two full-time commercial financing
specialists in Calgary in 2006. As a result, we have developed a sizeable book
of commercial lending in the area already."
"The commercial focus
is somewhat unique for a credit union," he adds. "It reflects a long-term business
development priority. Commercial lending makes up 40 percent of our total loan
portfolio, a demonstration of the expertise we've developed serving small and
mid-sized businesses and the trust they have in us."
In keeping with
a plan to introduce five Calgary branches in four years, Community anticipates
its second location will open in the city's northeast later this year. A branch
in the southeast industrial area will follow in early 2009.
Calgary
is an important hub and the Calgary commercial branches will also provide a full
range of services to our consumer members when they visit from other communities.
The market entry is consistent with a vision of building a member-owned financial
institution that can be accessed at physical locations throughout Alberta, and
is clearly congruent with the merger that was recently announced. Servus Credit
Union, Common Wealth Credit Union and Community will merge November 1, 2008.
Community Credit Union, operating as Community Savings, has 30 locations in 24
Alberta communities geographically distributed from Ponoka south to the US border.
Its new Calgary branch will complement hubs of operation in Red Deer, Medicine
Hat and Lethbridge. Community Savings provides a complete line of banking services,
including registered accounts, financing, investments, insurance and commercial
banking. With assets of $2.7 Billion, it is the 2nd largest credit union in Alberta
and the 6th largest in Canada. Its head office is located in Red Deer.
-30- | FOR MORE
INFORMATION: | | Murray Haubrich, President
& CEO | 403.343.0144 | | Scot Hadden,
Vice President, Calgary & Southern Alberta | 403.588.3816 |
|