Transaction between Alterna and PACE successfully completed

The Financial Services Regulatory Authority of Ontario is pleased to report that the transaction between PACE Savings and Credit Union Ltd., and Alterna Savings and Credit Union Limited (Alterna Savings) has been successfully completed.

This transaction provides PACE members with enhanced stability, access to expanded banking services and a more certain future as part of Alterna. As PACE’s Administrator, we believe this represents the best possible outcome for PACE members in the circumstances.

What remains of the PACE (legal entity) will be subject to a court-supervised liquidation. We will continue to provide updates to the members on this process. If members have questions about administration, liquidation (wind-up) and investment, profit or membership shares, they should contact FSRA’s Contact Centre at 1-800-668-0128 or by email at [email protected].

FSRA would like to thank PACE employees and leadership for their hard work and dedication during this transition.

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FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

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