Pace Savings & Credit Union
Defunct Canadian credit union, closed by regulators / From Wikipedia, the free encyclopedia
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PACE Savings & Credit Union Limited was a Canadian credit union based in Ontario. Pace grew through consolidation of several smaller credit unions in Ontario but the company was placed under administration by Financial Services Regulatory Authority of Ontario (FSRA) (previously the Deposit Insurance Corporation of Ontario) in September 2018 after the regulator found evidence of civil fraud, potential self-dealing by the CEO Larry Smith, and poor governance practices. After leaving administration in January 2020, the credit union went into administration again in November 2020 after the new CEO and several recently appointed directors resigned following the disclosure of additional regulatory problems at subsidiary Pace Securities Corp.[2][3]
Company type | Credit union |
---|---|
Industry | Financial services |
Defunct | August 11, 2022 (2022-08-11) |
Fate | Liquidation; operating assets absorbed into Alterna Savings in 2022 |
Successor | Alterna Savings |
Headquarters | Vaughan, Ontario , |
Products | Savings; chequing; consumer loans; mortgages |
Revenue | $34.5 million CAD (2019) |
Total assets | $1.1 billion CAD (2019)[1] |
Subsidiaries |
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Website | www |
On 11 July 2022, the majority of assets and employees of PACE transferred to Alterna Savings following a purchase administered by the Financial Services Regulatory Authority of Ontario.[4] KPMG is overseeing the liquidation of PACE's remaining non-operational assets and liabilities, including litigation against the former president and the CEO, and various insurance claims.[5]