Concentra Financial Services Association

Concentra Financial Services Association

January 04, 2005 11:00 ET

Concentra Financial Services Association: New Financial Institution First of its Kind in Canada


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CONCENTRA FINANCIAL SERVICES ASSOCIATION

JANUARY 4, 2005 - 11:00 ET

Concentra Financial Services Association: New
Financial Institution First of its Kind in Canada

SASKATOON, SASKATCHEWAN--(CCNMatthews - Jan. 4, 2005) - Canada now has a
new type of financial institution. The Office of the Superintendent of
Financial Institutions has issued notice of approval for Co-operative
Trust Company of Canada to continue operation as Concentra Financial
Services Association (Concentra Financial) effective January 1, 2005.

As an 'association', defined under the Co-operative Credit Associations
Act (CCA Act), the new entity will have powers virtually identical to
those of a bank. The CCA Act was revised in 2001 to allow two or more
credit union centrals or ten or more credit unions from more than one
province to create an 'association'. "The legislation provided an
opportunity for credit unions to level the playing field with banks,"
said Myrna Bentley, CEO of Co-operative Trust and now CEO of Concentra
Financial, "Ours is now the first financial services association created
under the CCA Act. As a credit union company and co-operative provider
of a full range of financial services, we think this is going to raise
the bar for the entire industry."

The creation of Concentra Financial was the result of a joint effort
between Co-operative Trust and Credit Union Central of Saskatchewan.
Part of the change includes the sale of Saskatchewan Central's
commercial financial businesses to the newly formed Concentra Financial.
"Saskatchewan Central had a number of financial businesses, such as
commercial lending and deposits, which were very successful in
Saskatchewan" said Bentley. "These, in addition to Co-operative Trust's
product suite, will provide a very comprehensive financial services
offering across Canada through Concentra Financial."

The transfer of financial businesses, related assets and human resources
from Saskatchewan Central means that the new company is starting out
with a strengthened balance sheet and an expanded workforce. "We're very
proud that we were able to accomplish this transition without any
downsizing," said Bentley. "This initiative is really about growth and
about increasing the range of financial service options available to our
clients."

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Concentra Financial Services Association
    Janelle Lindsey
    (306) 566-1684
    Website: www.concentrafinancial.ca