New Meridian will become credit union powerhouse in Ontario
TORONTO (March 1, 2011) – The Boards of Directors of Desjardins Credit Union and Meridian Credit Union (Meridian) have agreed to amalgamate their respective organizations in order to create a credit union powerhouse in Ontario with 263,000 Members and $8 billion in assets under management.
If approved by the membership of both credit unions in April, and required regulatory approvals are received, the amalgamation will reinforce Meridian’s position as the largest credit union in Ontario and a leader in the co-operative movement in Canada.
The amalgamation includes all 19 Desjardins Credit Union branches, Central Loans Unit and Head Office. However, it excludes Desjardins Credit Union’s six agencies which would be maintained and operated by Desjardins Group through the Fédération des caisses populaires de l’Ontario.
“This is good news for members of both Meridian and Desjardins Credit Union as well as the credit union movement in Ontario. We will have additional resources to improve products and services to our members and offer Ontarians an increasingly competitive, co-operative option for mortgages, loans, wealth management and other financial services.” Don Ariss, Chair of Meridian’s Board of Directors, said.
“We have completed a number of restructuring initiatives and have reviewed several long-term strategic options. We believe that joining forces with Meridian under the Meridian banner is in the long-term interests of our employees, members and stakeholders,” Desjardins Credit Union Chairman of the board, Paul E. Garfinkel, said.
As credit unions, both Meridian and Desjardins Credit Union are owned by their members, who must vote on the proposed amalgamation. The results of the Meridian vote will be known on April 19, 2011 and the Desjardins Credit Union vote on April 27, 2011.
For its part, Desjardins Group believes that Desjardins Credit Union’s amalgamation agreement with Meridian will further strengthen the co-operative movement in Canada. It underscores the commitment both share as credit unions to providing a true, community based financial services alternative to their respective Members and future Members.
About Meridian Credit Union
Meridian is Ontario’s largest credit union, serving more than 263,000 Members in communities across south central Ontario. With more than $8 billion in assets under administration and over 65 years of banking history, Meridian delivers a full range of financial services, solutions, and advice tailored to meet each Member’s individual needs, including access to The Exchange® Network with more than 2,400 no-fee ABMs in Canada. Membership in Meridian is open to anyone looking for a financial services provider with a local, community focus that offers a viable alternative to traditional banking options.
About Desjardins Credit Union
Desjardins Credit Union is an Ontario-based financial service co-operative, owned by its members with $1.4 billion in assets under administration. It was founded in 2003 when it acquired the Province of Ontario Savings Office. While the creation of Desjardins Credit Union and the acquisition was funded by Desjardins Group of Quebec, Desjardins Credit Union is a separate and autonomous Ontario co-operative. Over 180 employees provide high quality member services to 50,000 members/clients through a network of 25 service locations in Ontario. Desjardins Credit Union offers a full range of financial products and services and by embracing cooperative principles; they contribute to the well being of people and the economic and social development of its communities.
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For more information call:
Scott Windsor, Vice President, Corporate Communications, Meridian (416) 597- 4444, ext. 2668, (416) 707-5425 (cell)
Lionel Gauvin, CEO, Desjardins Credit Union (905) 743-5811, ext. 5794
