Hamilton's McMaster Credit Union First to Join Forces With Pace Credit Union

VAUGHAN, ONTARIO--(Marketwire - May 4, 2012) - McMaster Savings and Credit Union of Hamilton announced today that they have completed their asset purchase agreement with Pace Credit Union of Vaughan. It will operate under the Pace name while maintaining the McMaster CU sense of service and tradition.

McMaster is the first of three credit unions to join Pace in the planned merger. Peoples Credit Union and ETCU Financial are expected to complete the new venture with Pace later this year. When the proposal is completed it will serve 40 thousand members at 17 locations with combined assets of $700 million plus capital of approximately $50 million.

"The financial strength of PACE, combined with the expanded range of financial products and services, will certainly be of benefit to our loyal membership. This is very exciting for our members and staff," said McMaster CEO Peter DeRosa.

Larry Smith, PACE President and CEO said, "The merger of these four credit unions will give the combined Credit Union the resources and efficiencies to provide new products and improved member services."

The proposed agreements will be presented to ETCU Financial and Peoples Credit Union members for approval later this year.

About PACE Savings and Credit Union Limited - their Head Office is located in Vaughan, they serve 24,000 members through locations in Toronto, Hamilton, Mississauga, Markham, Aurora, Stouffville and Uxbridge. PACE employs 115 full and part-time staff and have assets of $450 million.

About McMaster Savings and Credit Union - based in Hamilton, McMaster predominantly serves the McMaster University community through 2 locations with 13 full and part time staff. They have 3,500 members and $30 million in assets.