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Together We Grow: Where We Are Now

We're making steady progress on our merger journey, having completed thorough due diligence to ensure this partnership will create value for our members and having received the Financial Services Regulatory Authority of Ontario (FSRA) approval to move forward with the merger.

For additional information on the merger, please see our Member Guide.

Benefits that Matter

For Our Members

  • Broader range of financial solutions
  • Enhanced digital banking capabilities
  • Greater branch accessibility
  • More competitive products and services
  • Continued personal service from familiar faces 

 

For Our Employees

  • Expanded career opportunities
  • Enhanced professional development
  • Greater workplace flexibility
  • Stronger, values-driven culture 

 

For Our Communities

  • Increased community investment
  • Enhanced support for local initiatives
  • Stronger economic impact
  • Expanded volunteer programs

 

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Our Shared Heritage

Alterna Savings
  • Founded in 1908
  • $11.4 billion in assets under administration
  • 204,700 members
  • 39 branches across Ontario

Tandia Financial
  • Founded in 1940
  • $1.8 billion in assets under administration
  • 26,500 members
  • 8 branches plus Virtual Branch

Moving Forward Together

The integration process will be gradual and thoughtful, ensuring a smooth transition for all members. Initially, Tandia branches will operate under the name "Tandia Financial, a Division of Alterna Savings," maintaining the local identity you trust while becoming part of something bigger. 

Our Commitment to You

Throughout this merger, we remain focused on:

 

  • Maintaining the personal service you value
  • Keeping you informed of changes and improvements
  • Ensuring minimal disruption to your banking
  • Creating more value for your membership 

 

What Happens Next

We're committed to keeping you informed every step of the way. Watch for:

 

  • Regular updates on our progress
  • Information about new services and opportunities
  • Details about enhanced branch access
  • News about improved digital banking features 

You've got questions.

We've got answers.

This merger is a proactive step we're taking to build an even stronger, more resilient credit union for you, our members. The financial world is constantly changing – with new technologies, evolving member needs, and increased competition. To continue providing you with the best possible services, innovative tools, and the financial security you rely on, joining forces makes sense.

By combining the strengths and resources of Alterna Savings and Tandia, we can invest more effectively in technology, expand our products and services, enhance convenience across Ontario, and ensure we remain a robust, competitive, and deeply committed cooperative for generations to come. It’s about positioning ourselves for the future, so we can serve you better.

Once our application to the Financial Services Regulatory Authority of Ontario (FSRA) has been approved, members of both Tandia and Alterna Savings will be invited to vote on the proposed merger. Subject to a YES vote, the merger is expected to take place in Q4 2025.

Stay tuned to the TogetherWeWillGrow.ca website for all details on how, when, and where to vote, when more information becomes available.

We're truly excited about the benefits this merger offers to our members, employees, and communities. Key advantages include:

  • Greater Convenience: Future access to an expanded network of branches across Ontario and the scale to invest in further digital banking services and enhancements.

  • Exclusive Offers: More immediately, we’ll be introducing harmonized rates and special offers that we think you’ll love - designed to reward your loyalty and support.

  • More Choice: A broader range of competitive products, services, and expert financial advice tailored to your needs.

  • Enhanced Innovation: Increased investment in technology to make your banking experience simpler, faster, and more responsive and convenient to your needs.

  • Continued Strength: A financially stronger, more resilient credit union dedicated to your long-term financial well-being.

  • Stronger Community Impact: An enhanced ability to invest in and support our local communities.

  • Opportunities for Our Team: Greater career development opportunities for the dedicated employees who serve you, and no job loss because of the merger.

Yes, our dedicated employees are essential to our success and the future of the merged credit union. There is a role for everyone in the combined organization. We highly value the skills, experience, and commitment of our teams at both Alterna Savings and Tandia, and we know we need their passion and expertise to build our future together and continue providing you with excellent service.

Yes, absolutely. Maintaining that strong connection to our members and local communities is incredibly important to both Alterna Savings and Tandia, and it will remain a cornerstone of the merged credit union. Our cooperative structure ensures members remain owners with a voice, and we are committed to governance models that keep local perspectives front and center.

This merger isn't about changing our core identity or losing touch with our roots; it's about strengthening our ability to uphold our cooperative values while ensuring we remain a sustainable, relevant, and deeply community-connected credit union for the long term.

Rest assured, the heart of who we are as member-focused credit unions remains unchanged.

Unlike banks, which are typically focused on maximizing profits for external shareholders, you, our members, remain our owners and our absolute priority. Our cooperative principles – things like democratic member control, commitment to our communities, and putting people before profit – are foundational to both Alterna Savings and Tandia. These values aren't just history; they are the principles that will continue to guide the merged credit union forward.

No branch closures are planned because of this proposed merger.

One of the key reasons this partnership is such a great strategic fit is that our branch networks are highly complementary, with very little geographic overlap. This means that instead of creating redundancies, this merger significantly expands the network available to all members, bringing our combined services to many new communities across Ontario.

Our focus is on broadening access and convenience for you, not reducing it. We remain deeply committed to our branch network as vital centres for providing personalized advice and support to our members.

Following the successful completion of the merger, Alterna Savings and Credit Union Ltd. (Alterna Savings) will continue to operate under the name Alterna Savings.

For a transitional period, Tandia Financial Credit Union will operate under the name "Tandia Financial, a Division of Alterna Savings." This name reflects both the joining of our organizations and the continuation of the Tandia identity during the initial integration phase.

Our long-term vision is to create a unified banking experience across all channels.

This phased approach allows us to bring our organizations together thoughtfully while ensuring clarity for everyone.

Rob Paterson, President and CEO, of Alterna Savings will lead the merged credit union. The Tandia leadership team will largely remain unchanged as we move forward together as a united organization. Maintaining continuity in leadership is important to ensuring a smooth transition, while building on the strong foundation that has already been established. The Tandia leadership team will continue to guide their teams, support members, and help shape the future combined organization.

We understand how important this question is. Right now, and for a good deal of time following the merger date, you can expect your day-to-day banking to continue just as it does today. Your existing accounts, products, debit/credit cards, cheque books, and services will remain the same, and you will continue to bank where you do today.

Looking ahead, combining our strengths means we'll be reviewing everything to ensure we're offering the very best possible range of products and services to all our members. Our commitment is to provide competitive rates and fair value, just as we always have. Should any changes be planned in the future as we bring our systems together, we are committed to providing you with plenty of advance notice and will make any transition as smooth as possible. Our focus remains on serving you well and being transparent every step of the way.

Supporting our local communities is fundamental to who we are at both Alterna Savings and Tandia – it's truly part of our cooperative DNA. This deep commitment will absolutely continue and grow stronger.

By coming together, we’ll have a greater capacity to give back and make a positive difference where our members and employees live and work. Pooling our resources means we can deepen our community investments and expand our support for local initiatives, partnerships, and causes that matter. We're excited about the enhanced impact we can make together.

Immediately after the merger date, you will continue banking at your usual branch just as you always have. There will be no immediate changes to where you access services.

Our goal is to eventually provide a seamless banking experience across all channels, but that will take some time. In the future, a full integration of our banking systems will allow you to access the complete range of services at any branch across Ontario – we'll keep you updated on the timeline as we progress towards that goal.

Yes. For the foreseeable future, there will be no difference to how you bank. You will not need to change anything, and your automatic transfers, deposits and bill payments will function as normal. You can also still use the same cheques and debit cards as before.

No. The merger will not have any impact on your mortgage or other credit products.

Yes. Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).

Eligible deposits (not in registered accounts) are insured up to $250,000 through the FSRA.

For further information on deposit insurance, please visit the FSRA website at www.fsrao.ca

Together We Grow

Creating new opportunities for our members, communities, and employees to thrive and succeed.

We understand you may have questions, and we’re here to provide answers.

Email Alterna Savings
Alterna Savings: 1.877.560.0100
Email Tandia
Tandia: 1.800.598.2891, #3