Servus Credit Union announces acquisition of Stride Capital Corp. bolstering commercial equipment leasing business within Canada
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Stride Capital becomes a wholly owned subsidiary and new division of Servus Credit Union
EDMONTON, Alberta, June 02, 2023 (GLOBE NEWSWIRE) — Servus Credit Union Ltd. announced. (Servus) today announced the successful acquisition of Stride Capital Corp. (Stride), a Calgary-based equipment leasing and financing company. The move marks Servus’ next step in reimagining its credit union business in response to Canada’s rapidly changing financial landscape.
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“We are excited that Servus and Stride are coming together to provide exceptional ongoing rental services to existing and new Stride customers, and Servus memberships to more than 380,000 Albertans,” said Ian Burns, President and CEO of Servus. “Stride’s leasing services will be available to Servus business members, giving them greater access to credit and benefits to help them grow their own businesses, while existing Stride customers will benefit from greater and greater leasing opportunities given Servus’ financial strength.”
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Backed by Servus, Stride will become an increasingly strong national competitor that continues to provide rational lease financing to companies, helping them expand their equipment, machinery and operations in agriculture, construction, energy, forestry, manufacturing, mining and transportation. across Canada.
“Through this arrangement with Servus, we see a tremendous opportunity to expand our business in the counties in which we operate,” said Randy Mannix, Stride President. “We will be able to offer our clients increased access to capital, while most of our management group and all 20 employees will become part of the new subsidiary.”
Earlier this year, Servus announced its intention to merge with connectFirst Credit Union, which, if approved, would create one of Canada’s leading credit unions. Stride’s specialized rental services will be available to all members of this new entity should the merger proceed.
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About Servus Credit Union Ltd.
Servus Credit Union has served Albertans for more than 80 years with a full line of secure financial services. As one of Canada’s best managed companies and Canada’s best banks, Servus has more than 100 branches in 59 communities across the province as well as online, mobile and phone banking options. Servus’ noble purpose is to help members reimagine their financial fitness, so they can feel good about their money. For more information about Servus, call 1.877.378.8728 or visit servus.ca.
About Stride Capital Corp.
Stride Capital is a Calgary-based equipment leasing and financing company that blends modern financial products with a rational lending model across Canada. For more information about Stride, call 1-403-930-2175 or visit www.stride.com stridecap.com.
For more information, please contact:
e-mail: media@servus.ca
Tel: 825.402.0740
www.facebook.com/servuscu
www.twitter.com/servuscu
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