Alterna Savings
Encyclopedia
Alterna Savings & Credit Union Ltd. is a Canadian
credit union
, formed in 2005 by the merger of CS CO-OP and Metro Credit Union, which provides full daily banking services, loans and mortgages, investment services and business banking. At the close of 2006 Alterna Savings had CN$
1.7 billion in assets and approximately 150,000 members. It had 24 branches in Ottawa
, Kingston
, North Bay
, Pembroke
and Toronto. It also provides service across Canada through its subsidiary, Alterna Bank, which has two branches in Gatineau
, Quebec
.
, was the first credit union in Canada outside Quebec. Federal civil servants were prompted by an article in their magazine The Civilian, when it reported on loan shark
s charging civil servants up to 200% for payday loan
s. After the Government of Ontario passed a credit union law in 1928, the Ottawa-based institution was re-chartered as the Civil Service Co-operative Credit Society (CS CO-OP). Although it has always been one of the largest credit unions in Ontario, it never joined Credit Union Central of Ontario.
credit union, open to all residents of Toronto, in 1994.
in 1998. Though these negotiations were ultimately unsuccessful, they opened a door for CS CO-OP, under the leadership of Gary Seveny, to secure a bank charter for its subsidiary CS Alterna Bank ('Alterna Bank'). The new bank was launched in October 2000 to offer service across Canada.
Gary H. Gillam, a visionary leader of the credit union until his untimely death in 1993, shaped Metro Credit Union's reputation as a pioneer in social responsibility
. The credit union operates a microcredit
fund for disadvantaged Toronto entrepreneurs, and was one of the first financial institutions in Canada to perform regular social audits.
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
, formed in 2005 by the merger of CS CO-OP and Metro Credit Union, which provides full daily banking services, loans and mortgages, investment services and business banking. At the close of 2006 Alterna Savings had CN$
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
1.7 billion in assets and approximately 150,000 members. It had 24 branches in Ottawa
Ottawa
Ottawa is the capital of Canada, the second largest city in the Province of Ontario, and the fourth largest city in the country. The city is located on the south bank of the Ottawa River in the eastern portion of Southern Ontario...
, Kingston
Kingston, Ontario
Kingston, Ontario is a Canadian city located in Eastern Ontario where the St. Lawrence River flows out of Lake Ontario. Originally a First Nations settlement called "Katarowki," , growing European exploration in the 17th Century made it an important trading post...
, North Bay
North Bay, Ontario
North Bay is a city in Northeastern Ontario, Canada. It is the seat of Nipissing District, and takes its name from its position on the shore of Lake Nipissing.-History:...
, Pembroke
Pembroke, Ontario
Pembroke is a city in the province of Ontario, Canada, at the confluence of the Muskrat River and the Ottawa River in the Ottawa Valley...
and Toronto. It also provides service across Canada through its subsidiary, Alterna Bank, which has two branches in Gatineau
Gatineau
Gatineau is a city in western Quebec, Canada. It is the fourth largest city in the province. It is located on the northern banks of the Ottawa River, immediately across from Ottawa, Ontario, and together they form Canada's National Capital Region. Ottawa and Gatineau comprise a single Census...
, Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
.
CS CO-OP
The Civil Service Savings and Loan Society, launched in 1908 with the assistance of Alphonse DesjardinsAlphonse Desjardins (co-operator)
Gabriel-Alphonse Desjardins , born in Lévis, Quebec, was the co-founder of the Caisses Populaires Desjardins , a forerunner of North American credit unions and community banks.- Early life :...
, was the first credit union in Canada outside Quebec. Federal civil servants were prompted by an article in their magazine The Civilian, when it reported on loan shark
Loan shark
A loan shark is a person or body that offers unsecured loans at illegally high interest rates to individuals, often enforcing repayment by blackmail or threats of violence....
s charging civil servants up to 200% for payday loan
Payday loan
A payday loan is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card...
s. After the Government of Ontario passed a credit union law in 1928, the Ottawa-based institution was re-chartered as the Civil Service Co-operative Credit Society (CS CO-OP). Although it has always been one of the largest credit unions in Ontario, it never joined Credit Union Central of Ontario.
Metro Credit Union
Metro CU was incorporated in August 1949 as the University of Toronto Employees' Credit Union. Over the years it absorbed a variety of smaller credit unions, primarily ones that served universities, colleges or hospitals. It became a community bondBond of association
The bond of association or common bond is the social connection among the members of credit unions and co-operative banks. Common bonds substitute for collateral in the early stages of financial system development...
credit union, open to all residents of Toronto, in 1994.
Recent events
Both CS CO-OP and Metro CU were active participants in the negotiations of 12 credit unions across the country for a national co-operative bankCooperative banking
Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world....
in 1998. Though these negotiations were ultimately unsuccessful, they opened a door for CS CO-OP, under the leadership of Gary Seveny, to secure a bank charter for its subsidiary CS Alterna Bank ('Alterna Bank'). The new bank was launched in October 2000 to offer service across Canada.
Gary H. Gillam, a visionary leader of the credit union until his untimely death in 1993, shaped Metro Credit Union's reputation as a pioneer in social responsibility
Socially responsible investing
Socially responsible investing , also known as sustainable, socially conscious, or ethical investing, describes an investment strategy which seeks to consider both financial return and social good....
. The credit union operates a microcredit
Microcredit
Microcredit is the extension of very small loans to those in poverty designed to spur entrepreneurship. These individuals lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit...
fund for disadvantaged Toronto entrepreneurs, and was one of the first financial institutions in Canada to perform regular social audits.
Memberships
- Central 1 Credit UnionCentral 1 Credit UnionCentral 1 Credit Union is a Vancouver, British Columbia-based, member-owned financial institution. It was formed in 2008 by the merger of Credit Union Central of British Columbia and the Credit Union Central of Ontario....
- InteracInteracInterac Association is a Canadian organization linking enterprises that have proprietary networks so that they may communicate with each other for the purpose of exchanging electronic financial transactions. The Association was founded in 1984 as a cooperative venture between five financial...
- The Exchange
- MasterCardMasterCardMastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
- Cirrus Network
- MaestroMaestroMaestro is a title of extreme respect given to a master musician. The term is most commonly used in the context of Western classical music and opera. This is associated with the ubiquitous use of Italian vocabulary for classical music terms...
- Deposit Insurance Corporation of Ontario
- Laser Cash
- Co-op Network