Luminus Financial and Airline Financial Propose Asset Purchase Agreement
Luminus Financial and Airline Financial are pleased to announce a proposed purchase by Luminus Financial of Airline Financial’s assets and Luminus’ assumption of Airline’s liabilities, pending regulatory approval and a vote by members and shareholders of each organization. This transaction would result in the growth of Luminus Financial to close to 7,000 members and $220 million in assets under management, ranking Luminus Financial as one of the top 100 credit unions in Ontario.
”This proposed transaction represents the unification of two financially strong credit unions that have shared values and a long history of collaboration,” stated Luminus Financial CEO George De La Rosa. “We are confident that combining these two amazing organizations will create an even better experience for our member-owners and our communities.”
The proposed transaction is expected to provide members with an enhanced range of products and services, such as increased loan limits, higher deposit rates, lower fees on certain services, improved technology offerings, extended branch locations, and more financial education opportunities.
Importantly, this proposed transaction will not result in any job losses. Current employees will gain the ability to advance their careers through expanded training programs and potential for career advancement within the larger organization. Additionally, there will be no disruption to current operations or service delivery during or after this transition period.
“We are confident that this transaction will create an even stronger financial institution that is better positioned to serve our members today and into the future,” said Airline Financial CEO Tracy Harris. “We look forward to continuing our mission together with Luminus Financial.”
As Luminus Financial and Airline Financial move towards the potential transaction, both organizations remain committed to providing their members with quality services and products that meet their financial needs.
ABOUT LUMINUS FINANCIAL
Luminus Financial, founded in 1951, provides everyday banking solutions for individuals, families, and businesses in Ontario with an expertise in under-banked markets. With over 4,500 members and nearly $180 million in assets, our vision is to truly enrich the lives of our member-owners and community by providing clearly better banking products, services, and financial advice.
ABOUT AIRLINE FINANCIAL
Airline Financial Credit Union was established in 1950 by a group of dedicated individuals in order to provide financial services for the employees of Pearson (Malton) Airport. Based on the spirit of co-operation, it was the beginning of a financial institution that has continually evolved to meet the needs of today’s members. Our growth to a membership base of over 2,600 and assets of over $45 million is due to the value of ownership, solidarity and responsibility that is the core of all co-operative movements.
