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Email this9:25 pm
October 27, 2013
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It appears there has been no (or little) recent updating of content on their website except for that pertaining to the Alterna takeover. Until the deal closes, I suppose nothing much should change which is kind of what is being said in https://www.pacecu.ca/SharedCo.....PDATED.pdf It also seems from that document that Alterna will operate Pace 'as is' until Pace member accounts can be folded into Alterna equivalents. That is likely a 3Q activity.
7:17 am
March 15, 2019
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According to their website, PACE is still offering GIC's. Anyone bought?
Question: Are PACE GIC's still guaranteed up to $250,000?
11:39 am
April 6, 2013
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No changes to the deposit insurance coverage of the PACE deposits are expected.
The deposits remain insured while they are deposits of PACE Savings & Credit Union Limited.
The deposits will be insured should they later be exchanged for deposits of Alterna Savings and Credit Union Limited.
The transaction does not seem to be an amalgamation of two credit unions under section 220 of the Ontario Credit Unions and Caisses Populaires Act. So, the PACE deposits will be actually be insurable and not necessarily be insured after being exchanged for Altera Savings deposits later.
The deposits won't be insured, unless FSRA does something special, for those who end up over the $250,000 limit in combination with their existing Alterna Savings deposits.
1:26 pm
April 6, 2013
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Actually, there is a deemed amalgamation provision in subsection 220 (4) that could be applied for separate deposit insurance coverage: 
Remain separate
220 (2) A deposit with an amalgamating credit union on the day on which the amalgamated credit union is formed, less any withdrawals from the deposit, is, for the purpose of deposit insurance with the Authority, separate from a deposit of the same person on that day with another amalgamating credit union that became part of the amalgamated credit union.
…If undertaking acquired
220 (4) For the purpose of deposit insurance with the [Financial Services Regulatory] Authority, if one credit union acquires the undertaking and assets of another credit union, those credit unions are considered to be amalgamating credit unions.
10:12 am
March 15, 2019
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I called PACE and was advised that they are still carrying on business as Pace Credit Union until the year long process to integrate into Alterna is complete.
7:19 am
March 15, 2019
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Just got an email confirming the completion of the PACE-ALTERNA merger. It's a done deal.
8:14 am
March 15, 2019
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I was doing a bit of Spring cleaning and found some blank PACE cheques with my name and address on them. I guess it's best to burn them now unless they have some historical value.
So, how are the PACE survivors doing? I guess they were all made whole except they lost their investment capital ($1,175.00). Did many former PACE clients move to Alterna?
Are there any current institutions at risk?
4:02 pm
April 6, 2013
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Unfortunately, no-one who needed to be made whole was made whole.
PACE CU members who bought those private preferred shares agreed to drop the matter for 70% of their invested money back.
Alterna CU agreed to assume the insured PACE CU deposits as part of the purchase price for PACE CU's loans, branches, and other assets.
KPMG was appointed the liquidator of PACE CU in August 2022 and is still in the process of liquidating the credit union.
6:39 am
March 15, 2019
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"Unfortunately, no-one who needed to be made whole was made whole.
PACE CU members who bought those private preferred shares agreed to drop the matter for 70% of their invested money back."
I think all the depositors (of which I was one) were made whole. Preferred shares are sort of like equity so higher risk.
7:29 am
April 6, 2013
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The insured deposits didn't need to be made whole.
PACE CU isn't insolvent. Its assets exceeded liabilities, including deposit liabilities. Some of the PACE CU's loan book is still with PACE and didn't need to be given to Alterna CU for the PACE deposits Alterna assumed.
7:34 pm
March 30, 2017
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Norman1 said
KPMG was appointed the liquidator of PACE CU in August 2022 and is still in the process of liquidating the credit union.
KPMG works on it for 4 years, what money from liquidation goes to pay KPMG bill.....
