In at least one Canadian province — Ontario — the move towardcredit union mergers continued this week with the $55 millionLuminus Financial CU acquiring the $17 million Food Family CU, bothin Toronto.
|The transaction, the fourth in the past year for Luminus, is duefor completion next month following member and regulatory approval,said George De La Rosa, CEO of Luminus.
|De La Rosa said the decline of small CUs in Ontario underscorestheir desire to offer new products and technology through largerpartners. The number of CUs in the province, he noted,has declined from 160 to 170 several years ago to 120 today.
|Luminus, he said, changed its name June 1 from its previousmoniker, Starnews, to emphasize its mission of demonstratinginnovation to a broader audience.
|Food Family, which serves the 26,000 employees of the Metrochain, said it sent out a request for proposals to Ontario CUs inSeptember 2010 and made its final decision in June.
|“I can't say I follow what is happening among small credit unionin the States but I do admire what you do in marketing and in otherareas as well,” De La Rosa said.
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