Invest in Good – Series 23 shares

Invest in Good - Series 23 Shares are a unique opportunity for Members to share in Meridian’s growth and success, while making a positive impact in our communities. Class A Shares are part of Meridian’s strong and secure capital used to grow the business by funding product and service enhancements and investing in community programs. Meridian’s strong financial results in recent years positions us to be able to share our earnings with our Members and allows us to offer a competitive dividend rate with confidence.

With a minimum purchase investment of $5,000, more of our Members can participate and invest in Meridian. The funds raised through the sale of Invest in Good – Series 23 Shares will be used to enhance our products and services and invest in community programs.

• Invest in Good – Series 23 Shares are available to Meridian Members based in Ontario only.
• Purchasing Invest in Good – Series 23 Shares does not entitle a Member to additional membership votes.
• The income earned on Invest in Good – Series 23 Shares is taxed as interest income, whereas income typically earned on common shares is taxed as dividends.
• There is no secondary market (stock market) where Invest in Good – Series 23 Shares can be traded.

Invest in Good - Series 23 Shares are available to individual Meridian Members (age 18 and over) residing in Ontario as well as corporations, partnerships and formal trusts based in Ontario.

Members can request to transfer their shares at any time. Meridian will attempt to facilitate a transfer by matching a Member looking to sell their shares (the seller) with a buyer from our waiting list. If you transfer your shares to another Member, you’ll get back your original purchased amount.

No redemptions are permitted until the fifth anniversary of the issue date (except upon death of the shareholder). The maximum redemptions in any fiscal year cannot exceed 10% of the total shares issued and outstanding shares at the end of the preceding calendar year. This is subject to Board approval and Applicable Law.

The minimum purchase amount is $5,000 while the maximum purchase amount is $2,000,000 for each Member. Each share costs $1.

6.50% is the minimum dividend rate, which is subject to change after the initial 5 years, as outlined within the Offering Statement, and each five years thereafter. The annual dividend rate can be higher than the minimum dividend rate. Dividends (taxed as interest income) are not guaranteed to be declared annually and are non-cumulative.

If declared, dividends are paid to shareholders annually on the dividend payment date on October 1st of each year, in the form of additional shares and/ or cash, as determined by the Board.

Payment is typically determined by the investor. However, the Meridian Board of Directors can mandate a specific type of payment (shares or cash).

Series 50, 96, or 01 Shares have a convertibility option allowing you to convert to our newest Invest in Good – Series 23 Shares.

No. Invest in Good – Series 23 Shares are not eligible for deposit insurance by the Financial Services Regulatory Authority (FSRA).

If you have a Meridian non-redeemable GIC (other than a market-linked GIC), you can redeem it without penalty to purchase Invest in Good – Series 23 Shares.

Meridian is Ontario’s largest credit union, and second largest in Canada, with more than 75 years of banking history. We deliver a full range of financial products and services to more than 370,000 Members through a network of 89 branches and access to business banking services at 15 locations, a Member Contact Centre and online/mobile services. Meridian also has two operating subsidiaries: Meridian OneCap Credit Corp (“MOCC”), a leading national supplier of customized commercial equipment leasing solutions; and motusbank, a federally-regulated digital bank. Meridian Credit Union Limited has over $30 billion in assets under management (March 31, 2023).

Learn more about Meridian

Anyone who lives or works in any Canadian province or territory can become a Meridian Member. There is no fee to join Meridian, but you’ll need to hold a Membership Share. A Membership share is only $1 and entitles you access to all the services of the credit union and full rights as an owner/shareholder. You can discontinue Membership at any time, at which point the Membership Share of $1 will be returned once all Member holdings have been collapsed/dissolved.

Please note that Class A Shares are only available to residents and businesses in the province of Ontario.