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(March 11, 2008) Western Financial Group has dropped its bid to acquire Community Savings Credit Union, after the target’s board of directors refused to put the issue before the credit union 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 Western Financial. “It is unfortunate that their members will not get the opportunity to formally consider it.”

Western Financial had offered to buy the credit union for $345 million in cash and stock, payable to the credit union’s members. The purchase had met opposition from Alberta Credit Union Central, the provincial credit union support service group.

Community Savings is already engaged in a proposed merger with two other credit unions: Servus and Common Wealth.

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Rice Financial adopts new front office

(March 11, 2008) Rice Financial has adopted a front office software package from Ticoon Technology that pulls together financial data from virtually any source, giving the advisor a more holistic view of his or her client.

Rice Financial will eventually roll out an investor portal also offered by Ticoon.

“With more than 85,000 clients across the country, Rice Financial is a significant player in the marketplace,” says Rick Hyde, president and CEO of Ticoon. “Our partnership with them is a tremendous opportunity to strengthen Ticoon’s leadership in the financial services industry and demonstrate how our solution significantly raises the bar over competitors for both advisor support and customer service.”

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CIBC Mellon to automate securities lending

(March 11, 2008) CIBC Mellon Global Securities Services has signed a deal with EquiLend to automate securities lending operations.

“EquiLend’s best-in-class solutions will facilitate greater connectivity with our securities borrowers, positioning us to continue to deliver superior returns to Canadian securities lenders,” says James Slater, senior vice-president and head of capital markets, CIBC Mellon.

(03/11/08)