As I reflect on 2025, I am proud of how Meridian continued to lead with purpose in an environment marked by volatility, complexity and change.
This was a year that tested resilience across our economy and communities – and one that reinforced the importance of who we are as a Member-owned cooperative. Through it all, Meridian remained focused on helping our Members build financial confidence, supporting local businesses and communities and strengthening our organization for the future.
The economic landscape in 2025 remained challenging for many Ontarians. Postpandemic economic challenges persisted with higher interest rates, housing market uncertainty and geopolitical pressures continued to affect households and businesses alike. We responded by leaning into what makes Meridian different: personalized advice, trusted relationships and a deep understanding of the communities we serve. Whether supporting Members through mortgage renewals, helping business owners navigate uncertainty or offering practical financial guidance during difficult moments, our teams demonstrated the trength of our purpose-driven approach.
This year marked important progress in advancing our Meridian for Good strategy, which continues to serve as the foundation for how we operate, make decisions and drive culture across the organization. Our purpose to help our Members achieve their best lives is no longer an aspiration – it is embedded in our strategy, our priorities and our day-to-day actions. We saw this reflected in strong Member sentiments, employee engagement, with record participation in our engagement survey and meaningful gains in engagement, innovation, belonging and connection to our social impact work.
A key priority in 2025 was strengthening and diversifying our Business Banking and leasing portfolio. By supporting entrepreneurs across a broad range of industries and communities, we are helping create economic opportunity while building a more resilient business. Profitability matters – it fuels our ability to reinvest in our Members, our people and our communities – and our Business Banking performance continues to be a critical driver of Meridian’s financial strength.
This year, Meridian doubled down on making sure our Members have access to the advice they need to make strong and confident financial decisions. We were very excited to launch OnYourWay, a new platform designed to help Members build a clear, personalized financial plan – whether digitally, with an advisor, or through a combination of both. This initiative reflects our shift to a truly Member-centric financial partner where experiences, products and advice are designed around individual goals and life stages. By combining digital innovation with trusted, in-person advice, we used technology to deepen human connection and deliver a more empathetic, choice-driven experience that continues to set Meridian apart.
Technology and innovation were another major focus in 2025. We made significant investments to enhance both the Member and employee experience, including the launch of new digital tools, a refreshed mobile app and the implementation of Trellis, a new enterprise platform that improves speed, efficiency and service delivery in our Member mortgage journeys. At the same time, we took meaningful steps to prepare our organization for the future of work by embracing artificial intelligence responsibly. Through a strong, responsible AI governance framework, broad internal access to secure tools like Copilot and a growing community of employee “Citizen Developers,” we are building a culture of learning, adaptability and innovation – while protecting Member data and maintaining trust.
Despite ongoing economic pressures, Meridian delivered strong performance in 2025. We exceeded our new Member growth targets, achieved high Net Promoter Scores, outperformed financial expectations and maintained a strong capital position. While certain portfolios – particularly in real estate – faced headwinds, we continued to manage risk prudently and grow responsibly. This financial resilience ensures we remain well-positioned to support Members today and for generations to come.
Our commitment to ESG and community impact continued to deepen and mature this year. ESG is fully embedded into how we operate: from environmental stewardship and inclusive product design to governance, risk management and community investment. We expanded programs supporting housing affordability, Indigenous communities, clean energy and workforce development, and we remained steadfast in our belief that long-term success depends on creating positive outcomes for people and the planet.
Beyond Meridian, advocacy remained an important part of my role in 2025. As one of Canada’s largest credit unions, we have a responsibility to help strengthen the cooperative banking sector, advocate for housing affordability and promote credit unions as a values-based alternative within Canada’s financial system. I was honoured to receive Canada’s Most Admired CEO – Social Purpose Innovator Award this year, a recognition that reflects not individual leadership, but the collective efforts of our entire Meridian team and our shared commitment to purpose-led growth.
As we look ahead, our long-term vision is focused on building on Meridian for Good to create a more agile, digitally enabled, Member-centric organization, capable of competing and thriving in a rapidly changing financial landscape. Speed, innovation and ersonalization will be critical as we continue to grow, deepen relationships and serve a new generation of Members.
In uncertain times, Meridian’s 100% Canadian, Member owned model remains a powerful advantage. Rooted in strong fundamentals and guided by purpose, we will continue to invest in technology, empower our people and focus relentlessly on delivering meaningful value for our Members.
Together, we will continue to show that “Around here, banking is different.”
Thank you for your trust and for being part of the Meridian community.
Sincerely,
Jay-Ann Gilfoy
President and CEO, Meridian Credit Union