Centrals Form $7.5 Billion Canadian CU
VANCOUVER -- After nearly two years of stalls and starts, Credit Union Central of British Columbia and Credit Union Central of Ontario finally merged on July 1 to create the $7.5 billion Central 1 Credit Union.
Central 1 will provide liquidity management, payments, Internet and trade association services to 196 member credit unions with a combined 2.8 million members in British Columbia and Ontario while also serving corporate customers with financial and transaction services. The new credit union has 475 employees--350 in Vancouver and 125 in Mississauga, Ontario.
Don Rolfe, who served as president/CEO of B.C. Central, will retain both positions with Central 1. The credit union has a 16-member board of directors, with 11 drawn from British Columbia credit unions and five from Ontario credit unions.
The two CUs had originally expected to close the merger by Oct. 1, 2007, but the transaction was twice delayed because of difficulties in valuing the relative holdings of nonbank asset-backed commercial paper held by each organization, according to the credit union. Central 1 said it is moving forward with an "immaterial amount" of ABCP on its books.
Both centrals recently completed an agreement to provide payments clearing services to the credit unions of Atlantic Canada with Ontario Central handling checks and other paper items. B.C. Central processed automated funds transfers, such as direct deposits and preauthorized payments. Integration of the two organizations is expected to be completed by the end of the year.
WesCorp's Kuhn Elected to IFMA Board
SAN DIMAS, Calif. -- Francis Kuhn, vice president of facilities and administration for WesCorp, was recently elected second vice chair of the 2008-2009 board of directors for the International Facility Management Association.
"My desire to serve the association and the profession is not purely altruistic. I strongly believe that I receive back as much as I invest," Kuhn said. IFMA is the world's largest and most widely recognized international association for professional facility managers, supporting more than 19,000 members in 60 countries.
"I know this is an opportunity not only to serve but to continue my personal and professional growth and development. It is difficult to imagine myself in a position where I was not adding value to facility management in a significant and meaningful manner."
The board's other top officers include Chair John McGee, former chief operating officer for Union Switch & Signal, Pittsburgh, and First Vice Chair Thomas Mitchell Jr., senior facilities management consulting associate at Booz Allen Hamilton, McLean, Va.
The association's members, represented in 125 chapters and 15 councils worldwide, manage more than 37 billion square feet of property and annually purchase more than $100 billion in products and services. Formed in 1980, IFMA certifies facility managers, conducts research, provides educational programs, recognizes facility management certificate programs and produces World Workplace, the world's largest facility management conference and exposition.