Luminus Financial

Luminus Financial

August 16, 2011 14:50 ET

Luminus Financial to Acquire Food Family Credit Union

TORONTO, ONTARIO--(Marketwire - Aug. 16, 2011) - The board of directors of both Luminus Financial and Food Family Credit Union have unanimously reached an agreement to have Luminus Financial purchase the assets of Food Family Credit Union. The transaction is still pending regulatory and membership approval, but is slated for completion by September 30, 2011.

This latest acquisition by Luminus Financial – and the first since changing its name from Starnews Credit Union – is the largest to date. It will increase assets to more than $70 million and membership to nearly 5,500, positioning Luminus Financial among the top 100 credit unions in Ontario.

Food Family Credit Union has served employees of food industry companies, primarily the 26,000 employees of Metro. The credit union sent out an extensive request for proposals from credit unions in September 2010 and made their final decision at the beginning of June 2011. "Choosing Luminus Financial made sense for our members, staff and board of directors," said Adam Kirilo, board chair of Food Family Credit Union.

Michael Mozewsky, board chair of Luminus Financial, said their proposal to Food Family emphasized, "a joining together, in the true co-operative spirit, to create an even stronger credit union with a brighter future."

In a memo to staff, George De La Rosa, CEO of Luminus Financial, called the move, "a hallmark in the history of our credit unions, signalling a time of robust and sustainable growth and prosperity, establishing a new benchmark of service and dedication to credit union members."

Luminus Financial is open to anyone living or working in Ontario. This will be its fourth successful acquisition of another credit union since June of last year.

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