DUCA Financial Services Credit Union Ltd. - Announcement

TORONTO, Aug. 26 /CNW/ - Toronto-based DUCA Financial Services Credit Union has entered into discussions to purchase the assets and combine the operations of Virtual One Credit Union with an anticipated completion date of January 1, 2011.

Virtual One, with 5 branches in Southern Ontario, $160M in assets and 8,700 members will join DUCA's 12 branches, $1B in assets and 35,000 members.  

"This is a great fit, both geographically and culturally as the two credit unions seek to enhance value for their respective members through additional service locations" said David Bird, CEO of Virtual One.  The merged entity will be well capitalized and will be able to take advantage of economies of scale as it reaches out to extend its value proposition into new communities.

Upon due diligence and DICO approval, the formal proposal will be presented to their respective memberships later in 2010.

Although DUCA and Virtual One have distinct histories, they have always shared a common commitment to their members, their financial success and the communities in which they live and serve.  "This commitment will be carried on and strengthened in the combined entity which will employ more than 145 people from our communities" said Jack Vanderkooy, President & CEO of DUCA.

For further information:

Jack Vanderkooy,  President & CEO,  DUCA Financial Services Credit Union Ltd., 416-223-8838 X 253