Français | Call Us

Facebook  Linkedin

Login

Western Financial Group
  • Insurance open insurance menu
  • Services open services menu
  • Our Foundation open services menu
  • About Us open menu
  • Contact Us

Find a Broker

Get a Quote

Insurance

Personal Insurance

Car

Home

Renter's

Farm

RV

Boat

Travel

Business Insurance

Start-ups to Mid-size Businesses

Employee Benefits

Group Insurance Programs

Health & Life

Life

Disability

Critical Illness

View All Products

Services

Registry Services

Personal Claims

Commercial Claims

Risk Management 

MyWestern

Payment Setup

Our Foundation

Our Giving Programs

About Us

Annual Giving Reports

FAQ

Donate

Sponsorship

Foundation Contact

About Us

Diversity, Equity and Inclusion

Who We Are

Executive Team

Western News

Careers

Divisions

Partners

Sponsors

COVID-19 Info

Blog

Western Communities Foundation

Western Coast Insurance

Wyatt Dowling Insurance

Contact Us

Personal Insurance

Car

Home

Renter's

Travel

Farm

RV

Boat

Business Insurance

Start-ups to Mid-size Businesses

Employee Benefits

Group Insurance Programs

Health & Life

Life

Disability

Critical Illness

View All Products

Services

Registry Services

Personal Claims

Commercial Claims

Risk Management 

MyWestern

Payment Setup

Our Foundation

Our Giving Programs

About Us

Annual Giving Reports

FAQ

Donate

Sponsorship

Foundation Contact

About Us

Diversity, Equity and Inclusion

Who We Are

Executive Team

Western News

Careers

Divisions

Partners

Sponsors

COVID-19 Info

Blog

Western Communities Foundation

Western Coast Insurance

Wyatt Dowling Insurance

Western Financial Group to Acquire AgriFinancial Canada Corp.

High River, Alberta – September 11, 2008 (TSX - WES) - Western Financial Group Inc. (the "Company") announced today it has entered into a share purchase agreement with C.A. Bancorp Inc. pursuant to which the Company or an affiliate will acquire Winnipeg based AgriFinancial Canada Corp. (“AgriFinancial”) from C.A. Bancorp Inc. (TSX - BKP) and Sentry Select Total Strategy Fund (TSX - TSF.UN). Upon completion of the transaction, AgriFinancial will become a specialty unit within the Company's banking subsidiary, Bank West. The transaction remains subject to certain conditions, including without limitation, consents and regulatory approvals, discharge of AgriFinancial’s existing credit facilities, completion of certain transaction documents, review and satisfaction with prior acquisition documents, and other customary closing conditions for a transaction of this nature.


AgriFinancial is a leading lender to agribusiness in Western Canada, including more than 25,000 farmers who carry AgriFinancial's AgriCard - a specialty credit card accepted at more than 750 agricultural merchants.

In addition to AgriCard, AgriFinancial provides term loans to farmers for the purchase or lease of farm equipment.

"We look forward to welcoming the AgriFinancial customers and employees to Western Financial Group,” said Scott Tannas, President and CEO of Western Financial Group. "This transaction is the culmination of our search for the opportunity to develop our capability in farm lending. AgriFinancial is tailor made for Bank West and Western Financial Group. We believe that Bank West can quickly and profitably grow the credit card base and loan book working together with the AgriFinancial team."

"There are many loan portfolio acquisition opportunities these days," added Bob Marshall, President of Bank West. "We have proceeded carefully these past months, preserving capacity and capital in order to be ready to act should a strategic building block come available. Our patience has been rewarded."

The transaction is expected to close during the fourth quarter 2008 and will add between $80 million and $90 million to Bank West's loan book. The estimated purchase price for the shares is $20.5 million. The Company intends to fund the purchase price using cash and its senior debt facilities.

Western Financial Group is a leader in providing insurance, financial services and banking services in over 90 communities, to more than 450,000 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”.

Forward Looking Statements

This Press release contains certain forward-looking statements including the growth of the credit card base, and the amount of the loan book. Forward-looking statements involve numerous assumptions, risks and uncertainties, including the risk that prediction and other forward-looking statements may not prove to be accurate. We caution the reader not to place undue reliance on these statements, as a number of important factors could cause actual results to differ materially from the estimates and comments expressed in them. Except as required by law, we do not undertake to update any forward-looking statements, written or oral, that we may make from time to time regarding our operations and performance.

This press release is not for distribution to any United States news service or otherwise in the United States.




For further information, please contact:
Arlene Beggs, Assistant to the President
Western Financial Group
403-652-2663

GET A QUOTE

Recent Blog Posts

Western Gives Back | Indigenous-Focused Funding
Western Gives Back - Indigenous-Focused Funding

September 29, 2023


Meet Solange Bouvier from the Indigenous ERG!
National Day for Truth & Reconciliation ERG Spotlight

September 28, 2023


Meet Cali Peace from the Indigenous Employees Network & Allies
National Day for Truth & Reconciliation ERG Spotlight

September 28, 2023


Call Us

Sales
Personal Insurance

1-866-860-1958

Business Insurance

1-866-860-1947

Life Insurance

1-888-594-3105

General Inquiries
and Services

1-866-245-2779
Mon-Fri: 8am-8 pm MT
Sat: 9am-6 pm MT

Claims

1-866-245-2779
Mon-Fri: 7:30am-4 pm MT
Sat: 9am-6 pm MT

1-877-599-7299
(After Hours)

Western Financial

About

Our Story

Executive Team

Careers

MyWestern Login

Mergers and Acquisition

Western Communities Foundation

Western News | Sitemap

Products & Services

All Insurance

Personal Insurance

Business Insurance

Health Insurance

Award Winning Brokerage

IBC Top Brokerage Top 100 Seal 2023  Top 100 Seal 2022

Privacy / Legal  |   Accessibility Guidelines |   Fair Treatment of Customers Policy |   Terms of Use  |   Compensation Disclosure  |  Complaints Process  |   Media Relations  |   Sitemap


2020 Western Financial Group. All rights reserved.

2023 Western Financial Group. All rights reserved.