Concentra announces the close of its Preferred Share Offering (Class D Shares) to the credit union system on December 1, 2015. First announced on November 16, 2015, Concentra issued Class D Shares with a target to attract $100 million in investments. Due to strong investor demand from credit unions across the country, Concentra closed the share offering over-subscribed.
“We are extremely pleased with the response from credit unions across the country,” says Ken Kosolofski, President and CEO, Concentra. “The success of this share offering confirms that Concentra’s business is aligned with credit unions.”
More than 25 percent of Canada’s credit unions participated in the offering. Of the 79 credit unions that purchased Class D shares, 40 credit unions are new investors in Concentra. The Class D Shares are an investment that allows credit unions to further diversify their portfolio and increase financial returns.
Saskatchewan credit unions continue to demonstrate support for Concentra with 36 percent of the total investment. Similarly, trust and confidence in Concentra is growing across the country as demonstrated by 64 percent of the total investment coming from provinces outside of Saskatchewan. From British Columbia to Newfoundland and Labrador, the geographic diversification of credit union investors establishes national reach and support of Concentra.
Concentra intends to use the proceeds of the Preferred Share Offering to advance its corporate vision to be the wholesale and trust provider of choice for the credit union system. The company will continue to expand its focus on growth to provide solutions that enhance the competitiveness of credit unions as dynamic, full-service financial institutions.
For further information:
Investor Contact: Garry Pearce, Vice-President, Treasury, 306-566-1793.
Communications Contact: Tracy Laschilier, Manager, Marketing and Communications, 306-956-4952
Concentra is a federally-regulated financial institution with over $33 billion in assets under administration including over $7 billion in on-balance sheet assets. Operating with a broad set of federal powers including access to national markets, Concentra delivers wholesale and trust solutions to credit unions across Canada.
Concentra stands strong behind credit unions delivering national solutions and market expertise that improve their financial performance, diversify risk and meet member needs. Currently serving over 85 percent of Canada’s credit unions, Concentra continues to expand its reach as Canada’s primary national credit union solutions provider.