Quinte First Credit Union today announced that their members have overwhelmingly approved the
merger with Alterna Savings and Credit Union.
In an on-line vote, the members approved a resolution to merge with Alterna Savings effective May
31, 2020. This was the culmination of a process which began in the fall of 2019. The approval of
the Financial Services Regulatory Authority (FSRA) was received on March 13, 2020. Due to the
COVID-19 pandemic, the on-line vote was held over 5 days from March 30th to April 3rd. Over that
period, 138 members cast their vote and the resolution passed with the support of over 97% of the
votes cast.
Carrie Gregoire, the President and CEO of Quinte First Credit Union expressed her thanks to the
members, “This is the first time that we have held a vote on-line, but it was the right thing to do
given the current circumstances. As usual, our members rose to the occasion and we had far more
participation than we have ever had at a regular Annual General Meeting. Bottom line, the
democratic process worked.”
After the closing date on May 31, the members of Quinte First will become part of the 8th largest
credit union in Canada and the oldest credit union in Ontario. Carrie Gregoire went on to say, “This
partnership is the start of an exciting new chapter for our members and staff. Members will benefit
tremendously in terms of the resources, technology and innovation that Alterna brings to the table
and our staff will have opportunities for development and advancement that they have never had
before. Alterna is a nationally recognized award winner both as an employer and as a financial
institution. We are very proud to be joining their team”.
“I am so pleased that the Quinte First members have expressed such a vote of confidence in
Alterna.” said Rob Paterson, President & CEO of Alterna Savings. “Quinte First’s financial
strength, incredible culture and deep connection to the Quinte Region’s strong economic hub make
them an ideal partner. Together, we are well equipped to support our members during the health
crisis we currently face and into the future. Through our combined history of strong financial
performance and unwavering care for our members through thick and thin, our joining together will
see us further build on each other’s competencies to provide the exceptional member service and
innovative banking solutions required in our rapidly changing world. I look forward to welcoming
and working along side Carrie and the Quinte First Team to serve all our members.”
For more information please contact Carrie Gregoire, President and CEO of Quinte First Credit Union cgregoire@quintefirst.ca