Western Financial Group not proceeding with offer
(TSX – WES) – Western Financial Group (the “Company”) announced today its disappointment with the news that the Board of Directors of Community Savings Credit Union (CU) had decided not to place its Proposal on the agenda of their March 18, 2008 shareholder meeting. The proposal included an offer by a subsidiary of the company, Bank West, to acquire CU for approximately $345 million in cash, shares and payments to members.
“Community Savings was an ideal platform on which we could mutually build a leading western Canadian financial leader’” said Scott Tannas, President and CEO of the Company. “It is unfortunate that their members will not get the opportunity to formally consider it”, he said.
In response to a large number of requests from both CU and Western Financial Group shareholders, the Proposal will be posted on the Company’s web site at www.westernfinancialgroup.ca under “Press Releases”.
Western Financial Group is a leader in providing insurance, financial services and banking services in over 80 communities, to more than 400,000 individuals and businesses in Western Canada through its WFG Agency Network locations, its affiliated insurance brokers, Western Life Assurance Company and Bank West.
The Common Shares of Western Financial Group are traded on the Toronto Stock Exchange under the symbol “WES”.
For further information, please contact:
Arlene Beggs, Assistant to the President
Western Financial Group