Starnews Credit Union

Starnews Credit Union

August 26, 2010 13:00 ET

Starnews Welcomes Air Toronto Credit Union

TORONTO, ONTARIO--(Marketwire - Aug. 26, 2010) - Starnews Credit Union

Members of Air Toronto Credit Union have voted unanimously to become part of Starnews Credit Union.

George De La Rosa, Starnews CEO, says the acquisition is effective September 1, 2010. "We're delighted to welcome the 180 new members to our growing credit union," said De La Rosa. The move will add close to $1 million to Starnews' assets.

The announcement comes just months after Starnews received its open-bond accreditation to serve anyone in Ontario. In June, Starnews acquired the King-York Newsmen Credit Union, a credit union who served the Globe and Mail members.

"We have decided that now is the time to build in the true credit union spirit," said Board Chair Mike Mozewsky. "Our goal in acquiring other credit unions is not to create an empire, but rather to fully realize our potential. The larger our membership and asset base, the more we can offer our members to increase their financial prosperity and security."

While profits of Starnews are shared with its members according to how much each member has borrowed or invested during the year, the principal goal is always member service, says De La Rosa.

"Being able to bank with a place that welcomes them with open arms - even when the sun isn't shining - is something that we have found really hits home with people these days. They want to feel like they're valued and will be offered personal attention. We do that at Starnews Credit Union," adds De La Rosa. "And we look forward to being able to offer that same great service to our newest members."

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.

Air Toronto Credit Union was formed in 1957 and served employees of Air Canada and their families, as well as others working in subsidiaries including Aeroplan, and regional airlines Tango and Jazz.

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