Kawartha and Libro Merge for a Stronger Community Future
The Boards of both Kawartha Credit Union and Libro Credit Union are thrilled to announce an exciting development: they have initiated discussions to merge. This collaboration aims to create a united credit union that will serve as the preferred financial institution for the diverse communities and Members/Owners across Ontario. By joining forces, both credit unions envision a brighter financial landscape, enabling them to offer enhanced services and support.
Serving the Needs of Members and Communities
Libro Board Chair, Garrett Vanderwyst, emphasizes, "This merger represents a significant opportunity for our Members/Owners, staff, and the communities we serve. By collaborating, we can expand our capabilities while retaining the community-oriented focus that sets us apart. Together, we can better prepare for any future challenges while enhancing our service offerings."
Steps Toward a Combined Future
Currently, both credit unions are making strides in the merger process. A comprehensive Application to the Financial Services Regulatory Authority (FSRA) is planned for submission soon, and upon approval, there will be a democratic voting process for Members/Owners from both institutions. This process is likely to take place in the upcoming months.
Potential Impact of the Merger
If the merger receives approval, the newly formed credit union is projected to manage assets exceeding $11 billion. It will serve over 180,000 Members/Owners across 57 locations in Ontario. Its service offerings will include a wide array of personal and business banking options, wealth management services, and insurance solutions, solidifying its position as a leading financial partner in the region.
A Shared Commitment to Financial Goals
Both credit unions have a distinguished history of supporting their Members/Owners in achieving their financial objectives. Kawartha Board Chair, Allison Chenier, states, "This merger will allow us to allocate resources more effectively and enhance the products and services that our Members/Owners depend on. Moreover, our ongoing commitment to investing in local communities remains steadfast, assuring that our members' needs are consistently prioritized."
Expanding Service Accessibility
Kawartha Credit Union, with its roots in Ontario, prides itself on improving the financial well-being of its Members and local communities. Offering a full suite of competitive financial solutions, the credit union has been praised for exceptional service. With 23 branches, mobile banking options, and a vast network of surcharge-free ATMs throughout Canada and the U.S., Kawartha is dedicated to making banking accessible and straightforward.
Libro Credit Union is equally committed to fostering financial well-being through its services. Serving over 120,000 Members/Owners, it provides comprehensive digital solutions alongside its physical branches. After 82 years in operation, Libro's dedication to social and environmental impact is evident in its initiatives as a certified B Corporation. This mission demonstrates its responsibility towards the community and offers a unique approach that resonates with members.
Pathways for Collaboration and Growth
As both credit unions prepare for this merger, they remain focused on their goal of building a community-centric institution that understands and caters to its members' evolving financial needs. This strategic move is designed to maintain a customer-first approach, ensuring that the combined strengths of Kawartha and Libro result in unparalleled service quality.
Contact Information for Further Inquiries
For those interested in learning more about the merger, please reach out to:
Mike Donachie
Director, Communications
Libro Credit Union
226-926-4068
mike.donachie@libro.ca
James LaJoie
Manager, Marketing
Kawartha Credit Union
705-875-4740
jlajoie@kawarthacu.com
Frequently Asked Questions
Why are Kawartha and Libro Credit Unions merging?
They are merging to create a stronger financial institution that better serves their Members and local communities in Ontario.
What will be the benefits of the merger?
The merger is expected to enhance service offerings, improve operational efficiencies, and strengthen community investment.
How will the merger affect existing Members?
Existing Members can expect improved services and products while maintaining their community-focused banking experience.
When will the Members vote on the merger?
A democratic voting process for Members is anticipated in the fall of 2025, depending on regulatory approval.
What is the projected size of the new entity?
The newly merged credit union is projected to manage over $11 billion in assets and serve more than 180,000 Members.
