ALBERTA, Canada – Western Financial Group, parent of Bank West, announced yesterday it is dropping its $345 million offer to acquire Community Savings CU, Alberta’s second-largest credit union, after the board of the $2.7 billion credit union said it wouldn’t put the bank’s offer to its members for a vote.
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The proposal called for Bank West to acquire the credit union for about $345 million in cash, shares and payments to members.
Credit union representatives in Canada denounced the bank’s offer as "inconsistent with credit union values."
The only precedent in the U.S. was the 2005 deal by Nationwide Insurance to acquire Nationwide FCU for $29 million in payments to credit union members.
