Starnews Credit Union

Starnews Credit Union

October 19, 2010 11:54 ET

Starnews Continues Acquisitions With Campbell's Employees' Credit Union

TORONTO, ONTARIO--(Marketwire - Oct. 19, 2010) - In its third acquisition since the start of the year, Starnews Credit Union will now welcome Campbell's Employees' Credit Union to its membership. The acquisition, which comes into effect on November 1, 2010, will add another 562 members to Starnews.

Since receiving its open-bond accreditation to serve anyone in Ontario, Starnews acquired the King-York Newsmen Credit Union in June and Air-Toronto Credit Union in September. George De La Rosa, Starnews CEO, says all of the acquisitions came about because of the overwhelming membership support of the credit unions involved. "There is no question that to be competitive and relevant as a financial institution, you need to offer a wide range of services and be able to change with the times. For a credit union, there is clearly the advantage of strength in numbers. We will now be able to offer services to the members of Campbell's Credit Union that they did not have before."

Starnews Board Chair Michael Mozewsky is excited about the shared enthusiasm. "This is anything but a takeover mentality. It is quite the opposite. You might say that the need for change was clear, and the time for change was now. There's a strong will to move forward so that together we present a sustainable, attractive choice in financial services – for all people, from all walks of life. The larger our membership and asset base, the more we can offer our members to increase their financial prosperity and security."

By joining with Starnews, the members of Campbell's Employees' Credit Union will now have access to higher lending limits, mortgages, home equity lines of credit, on-line banking, TFSAs and reduced service charges on chequing accounts. As member-owners, they will also participate in Starnews' annual rebate program, which is based on their patronage of the credit union during the year.

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 Toronto Star employees.

Contact Information