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(July 10, 2007) A former B.C. government official has been named as the new head of Vancouver City Savings Credit Union. Tamara Vrooman, the ex-deputy minister of finance and secretary to the treasury board for the B.C. government, will be the credit union’s new CEO starting September 1.

“We are delighted to have found someone with the inspirational leadership qualities, financial and business smarts, and deep-rooted values that Tamara Vrooman embodies to lead Vancity,” said Patrice Pratt, chair of Vancity’s board of directors. “We conducted a robust international search and are especially pleased that we found a leader who is homegrown.”

Vrooman’s public service experience also includes serving as deputy minister of health, assistant deputy minister of corporate services and financial accountability, and executive director of funding planning and evaluation. She previously worked in the Ministry of Finance managing Treasury Board staff and as a Treasury Board analyst.

“We searched for a senior executive who has a passion for delivering a triple bottom line mandate of financial strength, community leadership and environmental change,” said Pratt. “Vancity knows how to make money and create lasting social change. We believe Tamara is the right person to move us even farther along these paths.”

Vrooman replaces Dave Mowat, who served as CEO for seven years and recently joined ATB Financial in Alberta as president and CEO.

Vancity is Canada’s largest credit union.

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IA Clarington updates fund names

(July 10, 2007) Several IA Clarington investment funds are getting a name change. The company announced Tuesday that its IA funds, R funds and Clarington funds will be renamed under the unified IA Clarington moniker.

“The re-branding of our funds marks the culmination of an integration that began more than a year ago when Industrial Alliance and Clarington decided to come together,” said David Scandiffio, president, IA Clarington. “Simultaneously, we are unveiling our new image and tag line — ‘be invested,’ which speaks to the importance of participating in the markets and being engaged in whatever one does.”

The name change affects 36 funds, including the IA Bond Fund, which now becomes the IA Clarington Bond Fund and the R Dividend Income Fund, now called the IA Clarington Dividend Income Fund.

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Bank of Montreal buys bank in Milwaukee

(July 10, 2007) The Bank of Montreal continues to expand south of the border. The bank announced Tuesday that — under the Harris Bank banner — it has acquired Milwaukee-based Ozaukee Bank in a $190 million stock transaction.

The Midwestern financial institution has six full-service and two limited-service locations in northern Milwaukee, $694 million in assets and $561 million in deposits.

The agreement results in Ozaukee Bank shareholders getting about 3 million shares of BMO Financial Group stock. The purchase is expected to be completed later this year and is subject to approvals from Ozaukee Bank shareholders and U.S. and Canadian regulators.

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IDA fines former TD Waterhouse advisor

(July 10, 2007) The IDA has imposed a $15,000 fine on Donald Moffat Little, a former rep at the London branch of TD Waterhouse, for “business conduct or practice unbecoming or detrimental to the public interest.”

Specifically, Little was found to have accepted a half-million-dollar cheque from an elderly client and to have liquidated securities in the client’s account to cover the cheque. He then pocketed the money without the knowledge of the firm.

The IDA said there was no evidence of “victimization,” though, as the client was still in command of her mental faculties and had signed a statutory declaration stating that she intended to make a substantial gift to Mr. Little.

A second allegation was levelled after Little accepted power of attorney and the role of executor of a client’s will — again without the knowledge of his firm.

Little was terminated as a result of his conduct. He has, in effect, been under suspension for more than 14 months. TD Waterhouse has also required Little to reimburse the firm for the $45,000 in DSC fees charged to the client’s account resulting from his liquidation of her securities and for which TDW had repaid the client.

On top of the $15,000 fine, Little must pay costs in the amount to be fixed by the hearing panel at a future date. He must also successfully complete the Conduct and Practices Handbook exam prior to any subsequent registration with an IDA member firm.

(07/10/07)