PACE CU to be folded into another CU | Page 4 | General financial discussion | Discussion forum

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/SharedContent/documents/2022/PACEMemberFAQsFINALApril25UPDATED.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.

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.

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.