Starnews Credit Union

Starnews Credit Union

June 24, 2010 11:46 ET

Starnews Expands Despite Difficult Times

TORONTO, ONTARIO--(Marketwire - June 24, 2010) - Starnews Credit Union is growing, even though many of its members are facing tough times.

Recently, Starnews received its open-bond accreditation to serve anyone in Ontario, and acquired the King York Newsmen Credit Union, a credit union who served the Globe and Mail members.

"For a credit union, it is definitely true that there is strength in numbers. The addition of King York Newsmen gives us a broader membership base. We plan to build on that as an open-bond credit union," said George De La Rosa, CEO. "That won't change our philosophy. In fact, we continue to be a very solid financial institution because we have remained true to our roots. Our expansion ensures that we can continue to offer and build upon our full range of services. "

The expansion comes at a time when the newspaper industry has been faced with layoffs and uncertainty.

"That's when we shine brightest as a credit union," said Board Chair Mike Mozewsky. "After all, we're employees ourselves. It's our credit union. That's why we offer financial planning seminars, special loan and mortgage conditions for members on strike or that are laid off, and just a more sympathetic culture in general."

Both Mozewsky and De La Rosa believe this is the right time for Starnews to expand. They point out that the credit union philosophy always has its greatest appeal during tough economic periods.

"While credit unions like Starnews must always operate to be fiscally sound, the principal goal is member service and not shareholder profit," says De La Rosa. He adds that profits of Starnews are shared with its members according to how much each member has borrowed or invested during the year. "I don't know of any bank that gives you a cheque at the end of the year, just for having a mortgage with them," he says. "It's that philosophy that hits home with a lot of people in Ontario these days. They want to bank with a place that welcomes them with open arms even when the sun isn't shining. That's Starnews Credit Union."

Starnews is owned and operated by its members, with a board elected from membership during annual elections. The credit union was originally formed in 1951 to serve its Toronto Star members.

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