June 11, 2007

John Lahey has been appointed the new President and CEO of the Alterna Group.

Lahey, who has been president and CEO of FirstOntario Credit Union in Hamilton since 2001, starts at Alterna on July 9. He will divide his time between Alterna’s Toronto and Ottawa corporate offices.

Alterna Savings Board Chair Earl Campbell stated, "John has the skills, experience and talent to fulfill Alterna's goal of being the leader in co- operative financial services. With John's extensive leadership experience in the financial services sector, we will show the market that credit unions are not only a viable, competitive alternative to the traditional banks, but in today's marketplace the only institution that credibly balances people, community and financial stewardship."

"I was attracted to Alterna because of its storied history, its strong leadership position in the credit union system and most importantly, its far-reaching commitment to a positive, progressive future,” Lahey said. ”I am excited about and committed to working closely with the Board and all Alterna employees in leading the company to an even more successful future."

Alterna wants to grow its membership base, particularly with young adults. Alterna is also committed to growing as a viable alternative in the financial services sector, aligning with market segments that match the organization's values, and becoming a major competitor in Canadian financial circles.

 Alterna Bank Board Chair Jim Frank said the bank is poised for national expansion and “we want to make sure we take advantage of the opportunities that are arising for us outside Ontario."

Before joining FirstOntario, Lahey spent almost 25 years at CIBC in a variety of senior roles.