When you hear the word 'alterna,' what comes to mind? For many, it might be a subtle shift, a different path. In the world of finance, particularly in Canada, 'Alterna Savings' represents just that – a distinct alternative to traditional banking.
Born from the merger of CS CO-OP and Metro Credit Union in 2005, Alterna Savings & Credit Union Ltd. has grown into a significant player. By the end of 2006, it was already managing a substantial $1.7 billion in assets and serving around 150,000 members. This wasn't a small, local operation; it had a physical presence with 24 branches spread across key Ontario cities like Ottawa, Toronto, Kingston, North Bay, and Pembroke.
But Alterna's reach extends beyond its brick-and-mortar locations. Recognizing the evolving digital landscape, they also offer services across Canada through their subsidiary, Alterna Bank. This direct banking arm, with a couple of branches conveniently located on the Quebec side of the National Capital Region, allows them to connect with a broader audience. It's this combination of community-focused credit union roots and a forward-thinking digital strategy that positions Alterna Savings as a notable option for consumers seeking something different.
It's interesting to note how the name 'Alterna' itself can appear in various contexts. For instance, in the realm of entomology, there's Tigrioides alterna, a moth species first described by Francis Walker in 1854, found in Australia. And then there's the gray-banded kingsnake, sometimes referred to as 'alterna,' a nonvenomous reptile native to the southwestern United States and Mexico. These are, of course, entirely separate from the financial institution, but it highlights how a word can have diverse meanings across different fields.
For those interested in the financial side, Alterna Bank, as a wholly owned subsidiary of Alterna Savings, focuses on core banking products like chequing accounts, high-interest savings accounts, and mortgages. This structure allows them to offer the personalized service often associated with credit unions while leveraging the efficiency of a direct banking model. It's a strategy that seems to resonate, making them a genuine alternative for many Canadians looking for a financial partner that aligns with their values and needs.
