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2019 Annual General Meeting

Meridian Credit Union’s 2019 Annual General Meeting will be held on
April 23, 2019 at the Americana Conference Resort and Spa in Niagara Falls.

More details coming soon!


  • 2018 Annual General Meeting - April 24, 2018, Hamilton

    Meridian Credit Union’s 2018 Annual General Meeting, held on April 24, 2018 at Liuna Station, 360 James Street North, Hamilton, Ontario was an overwhelming success.  In excess of 180 Members and guests were in attendance, and an additional 36 joined the meeting via webcast.

    Who may attend the Annual General Meeting? 
    All Members are invited to attend and participate in Meridian’s Annual General Meeting (AGM). Your participation is part of what makes our credit union a unique place to do business.​  

    What happened at the Annual General Meeting?

    • Reports from Management, the Board, and the Audit & Finance Committee.
    • Approval of the 2017 financial statements and appointment of the auditors. 
    • The results of the Directors’ Election, being held from April 2 to April 18, 2018, were announced and the newly elected Directors were introduced. 
    • The four successful Candidates elected to the Board of Directors were: Ken Bolton, Karen Farbridge, Colleen Sidford, and Bruce West. Each Director will serve a three-year term.
     

    Several questions were asked by Members after the Q&A period concluded. Please find them below, along with Meridian’s responses. 

    Q: Is Meridian considering future participation in the credit union Acculink ATM network? 
    A: Meridian is continuously looking at opportunities to enhance our Member experience at our ATMs. Expanding to the Acculink network will not occur in the immediate future. However, consideration is always given to Membership accessibility through multiple channels and is regularly assessed.

    Q: How much has developing the Meridian Bank cost? Has the IT component been completed on budget? How many staff presently work developing the Meridian Bank? 
    A: Meridian does not publically disclose the specifics of any internal staffing and expenses associated with any project. We can, however, confirm the project remains within approved plans and budget.

    Q: With the ongoing cyber threats in the news and new companies being hacked, what steps are Meridian taking to ensure our online system and personal information will be kept secure from unwanted parties? 
    A: When it comes to the protection of our Member’s information, Meridian is proactive, prepared and takes cyber security very seriously. Meridian has made significant investments in the development and maintenance of a strong information security program. We have implemented, and judiciously maintain, industry best practice information and cyber security frameworks.

    Meridian leverages best in class security systems that proactively monitor for the ever-growing range of cyber threats. Our information security professionals are certified and have extensive experience in the field. Further, we participate in a number of partnerships across the Credit Union and Financial Services space to share practices and collaborate on effective methods to protect against cybercriminal attacks.

    External consultants and auditors are engaged regularly to review information security controls and processes in place. In these assessments, Meridian is regularly found to be a leader in this space placing well within the top quartile of the entire Canadian Financial Services industry. Meridian has also implemented an effective Computer Security Incident Response Team and set of related processes to ensure an immediate and prepared response to any incidents should they occur. Simulated cyber security exercises are conducted to ensure that Meridian is proactive in understanding and responding to threats in the industry today.

    Members can remain assured that cyber security and the protection of their personal and financial information is a key priority.

    We also encourage all Members to follow best practices protecting themselves from social and cyber security threats. You can find more information about Meridian’s security practices and helpful hints for consumers to follow to help safeguard their own data on our website – MeridianCU.ca



    The Annual General Meeting will also be available via webcast for Members who wish to view it remotely.

    Please click here to watch the webcast


    The Directors’ Election has now closed. Results were announced at the Annual General Meeting on April 24, 2018.

    Directors' Election 2018
    Members were asked to vote to elect four (4) new Directors to the Board. To view the Candidate Brochure and learn about the selection process: Candidate Brochure and Voting Instructions.

    Who may vote?
    Each Member who held $1.00 in Meridian Membership Shares on or before March 12, 2018 (other than a Member under the age of 18 years) was eligible to vote. 

    How do I vote?
    Members were able to vote online at home or in branches from Monday, April 2, 2018 at 8:00 a.m. ET to Wednesday, April 18, 2018 at 12:00 p.m. ET. 

    Still have Questions?
    Read our Frequently Asked Questions Document



  • 2017 Annual General Meeting - April 20, 2017, Toronto

    Meridian Credit Union’s 2017 Annual General Meeting was held on April 20, 2017 at the Metro Toronto Convention Centre.

    We thank all of our Members who attended.  It is your commitment and participation that makes a difference and leads to our success.  It is what makes our credit union a unique place to do business.

    At the AGM, the results of the 2017 Members’ Vote were announced as follows:

    1. The Special Resolution to confirm the amended and restated By-law was confirmed by 80.56% of votes cast.
    The full text of the amended and restated By-law is available upon request by emailing Returning.Officer@meridiancu.ca

    2. The following four Directors were elected to the Board:

    • Jeff Chesebrough
    • Larry Doran
    • Peter Patchet
    • Mike Valente
     

    To read more about our Directors, visit our Board of Directors page



    AGM Webcast

    If you were not able to attend the AGM, you may watch a recording of the meeting here.  


    Answers to additional questions, which we did not cover during the Annual General Meeting, are posted below:

    Q: When will Meridian have $250,000 insurance coverage for saving deposits in non-registered accounts?
    A:
    The current coverage for non-registered demand deposits is $100,000 and will be increasing to $250,000 based on a regulatory change (there are no maximum limits for deposits held in registered savings). Deposit insurance is provided through the regulatory body DICO and the increase to non-registered deposits is anticipated to take effect in early 2018.

    Q: What is your strategy for appealing to millennials and keeping our young members engaged to be long term clients?
    A:
    Research shows that Millennials are very concerned about the values of the financial institution they deal with, followed by the proximity of bank branches to where they live or work, personal service and the mobile app. With this in mind, at Meridian our values very much align to the values of millennials. Our core value is to always have our member’s back and do what’s in their best interest. We are also strongly committed to the communities we are located in and are highly active and supportive within these communities. As part of our growth strategy to ensure we build branches in key areas, we have expanded our physical branch presence in many new communities in and outside the GTA and have grown our branch network by 23 in just 2 years. We continue to expand our Digital channel which will provide additional convenient, easy ways for Members to do their banking which should appeal to the millennial group who also favour using mobile to do their banking. We are a leader in our use of social media and we continue to explore ways of reaching out to our members in the way they like to be communicated with.

    Q: How many CU's in Canada have gone Nationally without going the Bank route - and what success have they achieved? What Class of bank is Meridian Bank? A: There are no credit unions that have expanded nationally without utilizing an option under the federal Bank Act. The two primary options available to credit unions for national expansion under the Bank Act are to either (a) establish a bank subsidiary, or (b) continue federally as a federal credit union (“FCU”). Currently, there is one credit union that has continued as an FCU, and there are others that have indicated a desire to do so. There are two credit unions that have established bank subsidiaries. Once Meridian’s bank subsidiary is established, it would be categorized as a “Schedule I” bank under the Bank Act.

    Q: How many votes were cast for the Special Resolution and for vacant positions on the Board? How many votes are cast on average each year? What steps are taken to inform members of the vote? The AGM?
    A:
    1,657 votes were cast for the Directors’ Election and 1,636 votes were cast for the Special Resolution. On average there have been 1,500 votes cast each year that there has been a vote.

    • Notice in the St. Catharines Standard on March 9, 2017

    • Notice on meridiancu.ca

    • Digital display in branches

    • Poster in branches

    • Emails to all Members who email addresses were available on two occasions: March 28 and April 11, 2017

    • Message in March and April Member statements