TORONTO — Alterna Savings and Credit Union Ltd. has signed a deal to acquire the majority of the assets of the troubled PACE Savings and Credit Union.
Financial terms of the deal were not immediately available.
PACE was placed under administration by the predecessor of Ontario’s Financial Services Regulatory Authority in September 2018 due to concerns about board governance and misconduct by certain executives.
The regulator says the deal follows an assessment of the options available to PACE in light of the impact of pre-administration mismanagement and the COVID-19 pandemic.
Alterna CEO Rob Paterson says the credit union looks forward to bringing a new era of stability and confidence to PACE's members and employees.
Alterna Savings has more than 184,000 members and a network of 34 branches across Ontario. The transaction is expected to close in the second quarter of this year, subject to customary closing conditions, including regulatory approval.
This report by The Canadian Press was first published April 22, 2022.
The Canadian Press
