LFFCU Letter Of Intent
London Fire Fighters’ Credit Union and PACE to partner
FOR IMMEDIATE RELEASE
March 28, 2017 – The Board of Directors of London Fire Fighters’ Credit Union Limited and PACE Savings and Credit Union Limited are pleased to announce that they have signed a Letter of Intent to bring the two companies together by way of an asset purchase agreement. When the transaction is completed, the merged company will operate under the PACE brand, but with local recognition for the London Fire Fighters’ brand and personality.
“Our members will certainly appreciate the expanded range of financial products, services and locations. Also, PACE has a great track record of working with credit unions like ours to preserve our brand and give our staff opportunities to grow their careers. It’s a great fit for us” said LFFCU Chair Kevin Dash.
When the transaction is completed, PACE will operate in 19 locations throughout Ontario, employ 168 staff, and serve over 40,000 members who hold $896 million in assets.
PACE CEO Phillip Smith commented “Partnering with London Fire Fighters is a great opportunity for us here at PACE. They have a loyal membership and a great CEO in Charmaine Spiegelberg who we are very much looking forward to working with”
Before finalizing the arrangement, the credit unions will undertake due diligence and seek regulator consent. The transaction will also require the approval of the London Fire Fighters’ Credit Union membership.
About London Fire Fighters Credit Union Limited
Established in 1947, LFFCU services their 700 members at their branch in downtown London. They are a closed bonded credit union serving the financial needs of current and retired employees of the City of London Fire Department, their families, as well as other regional professional fire fighters.
About PACE Savings and Credit Union Ltd.
PACE Credit Union’s Ontario roots trace back over 60 years including the membership of Farmunited Co-op, the first credit union incorporated under the new Credit Union Act of 1940. Over the decades, PACE has grown, meeting their members’ and community’s financial needs. Headquartered in Vaughan, Ontario, PACE serves its 39,200 members holding over $892 million in assets through 18 locations. To find out more about cooperative banking at PACE, visit pacecu.ca, follow @PACECU on Twitter, or find us on Facebook.
For more information contact: Dan Coldwell
Chief Marketing and Community Relations Officer
PACE Credit Union
8111 Jane Street, Vaughan, Ontario L4K 4L7