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New Bank: Uni ( Caisse Populaire Acadienne)
September 26, 2016
5:22 pm
Loonie
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http://www.acadie.com/en/commu.....cfm?id=144

https://www.pressreader.com/canada/toronto-star/20160926/281994671973221

So far, interest rates are not impressive. I did not find anything about their longer-term intentions, but haven't looked very hard

Perhaps this one will serve Quebec!

Coverage by CDIC "transitional".

September 27, 2016
5:46 am
NorthernRaven
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The first of the "federal credit unions" under the legislation introduced a few years ago. "Transitional" just means CDIC will cover existing deposits up to the NB provincial limit of $250K for 180 days before it switches to standard CDIC $100K coverage.

I'd suspect they aren't going to be playing in the national high-end interest rate field anytime soon.

September 27, 2016
6:00 am
NorthernRaven
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There's an interesting sidebar to this. NB has a slightly weird insurance guarantee setup, with separate stabilization funds for the credit unions and the caisses (and I don't think one group could be called upon to fund losses in the other). The caisses have now grouped together and decamped to CDIC and federal regulation - and they seem to have been around 75% of insured deposits.

Aside from leaving a fairly small CU segment in NB, it would also mean that the caisse portion of the fund, around $100 million, no longer has any deposits it is insuring against. Seems like the guarantee corporation gets a big windfall! The CU portion is only $20 million, so the fund just became hugely solvent for the remaining rump of guaranteed deposits.

Later: Of course, the caisses might somehow be entitled to the dough, although I wouldn't think so. Or the provincial government may come and scoop some up in some way.

Even later: Actually, it looks like the two stabilization funds were somewhat separate from the main body of the guarantee corp. Since all the caisses left together and rolled up into Uni, I suspect the fund was rolled up with them, and the money stayed with the caisse system. Pity, NB could use the loot... :)

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