Mountain View Credit Union is extending its lending reach into Red Deer.
The Olds-based financial institution — which operates in 11 communities, from Olds to Crossfield and Sundre to Delia — has established a commercial lending manager in Red Deer.
Wayne Cook is a longtime city resident who previously worked for Servus Credit Union. Operating out of his home, he will offer Mountain View’s commercial and agricultural lending services to clients in the city and surrounding region.
“We are part of the fabric of Central Alberta,” he said. “It’s just now there’s a move further north.”
Mountain View’s entry into the local market will occur on a phased basis, said Cook, with commercial and agricultural mortgages, term and equipment loans, and working capital financing his focuses. As business builds, the range of services available here should expand.
“What the membership wants we will, within reason, provide,” said Cook, adding that a Red Deer branch office is a possibility for the future.
A resident of Red Deer for the past 20 years, Cook worked in banking in the United Kingdom for two decades before emigrating to Canada.
He spent about 3 1/2 years with Scotiabank here, before joining Parkland Savings (now Servus Credit Union), where over the past 16 years he served as a commercial accounts manager, a branch manager and in various administration positions.
Mountain View Credit Union was formed in 1977 through the amalgamation of credit unions in Cremona, Olds, Sundre and Didsbury, the oldest of which dated back to 1943.
It currently has more than 17,000 personal, business and agriculture members and assets of $535 million.
Cook thinks this is an opportune time for Mountain View to enter Red Deer, noting that the economy is on the rebound.
“Businesses are gearing up now for growth.”
There are already a number of Mountain View members living in the city, he said, including employees of the credit union.
“Quite a number of the senior management in Mountain View Credit Union live in Red Deer and commute.”
Cook said he has a large number of business connections in the region, and that the absence of a bricks-and-mortar branch will help him connect with clients. He also thinks the proximity of Mountain View’s Olds headquarters enables the credit union to be responsive to local needs.
“One of the big advantages for Mountain View is local decision-making by people who know our city and the area around it. Our head office is only 65 km away.”
Mountain View’s commercial lending operations in Red Deer will officially commence on June 14. Cook can be contacted at 587-876-1016, which is a local number.