• ATMs/Branches
  • Rates
  • Careers
  • Join Libro
  • Log in
  • to online banking
  • Home > community/us > About Libro
    Image of hands in a circle

    About Libro

    Libro Credit Union is a credit union that brings more than 70 years of history serving the families, farms and enterprises of southwestern Ontario. Our co-operative values, passionate staff and commitment to investing in our communities sets us apart.

    As Ontario’s third largest credit union, Libro supports the well-being of people, businesses and communities by providing high-quality financial coaching and profit sharing. Libro offers a full range of financial products and services for consumers, businesses and farms, including savings and chequing, investments, and borrowing. Great service can be experienced through 31 branches, online, telephone, mobile devices and a network of 4,000 ATMs across Canada.

    • History & Quick Facts


      Libro Credit Union started operating in January 2014 following the combination of United Communities Credit Union and Libro Financial Group. Both organizations shared similar roots as financial co-operatives built on a foundation of shared responsibility and community support in southwestern Ontario. Kellogg Employees Credit Union joined Libro in April 2014 and Hald-Nor Credit Union joined Libro in August 2015.

      Quick Facts

      • Ontario's 3rd largest Credit Union, 14th largest in Canada
      • $4 billion in assets under administration
      • 31 branches in 25 communities across southwestern Ontario
      • 100,000 Owners
      • Over 650 employees
    • Ownership

      We refer to Libro customers as Owners. That's because 100,000 people just like you actually own the place where they bank. But ownership also reflects our commitment to everyone who banks here. We will help you own your life.

    • What We Do

      We offer full-service banking that includes chequing and savings accounts, investments, flexible lending products, online and mobile banking, foreign exchange, financial planning and most important, a Financial Advisor, a Libro Coach, for every person who banks at Libro.

    • Community

      By every definition, Libro is a community. We step up together, we live and give locally even as we think globally and manage the impact of a changing world here at home.

      In April 2015 Libro launched The Prosperity Project, an initiative designed to mobilize and inspire the people, enterprises and communities of southwestern Ontario to grow prosperity together. It drives everything we do at Libro, from our financial coaching and products, to how we invest in our communities.

    • Governance

      We answer to the people who bank with us - our Owners. Banks answer to shareholders. That's a big difference. Owner Representatives are elected from each branch - the Board of Directors is elected by the Owner Representatives.

    • Careers

      Our staff comprise the secret to our success. So we're very careful with our hiring process and we're always excited about bringing on new team members. The Careers section has a complete listing of current openings and easy access to Human Resources.

    • What is a Credit Union?

      The main differences between credit unions and banks (apart from size) is a credit union is a financial institution that is owned by its customers and subject to provincial regulations. Banks are regulated federally and owned by shareholders. We have equivalent deposit insurance to protect your money - we offer much the same services and products.

      So what's the meaningful difference? While banks are focused (truly) on global reach and building value for shareholders worldwide, Libro is focused locally, helping individuals and businesses manage that complex world right here in southwestern Ontario.

      Our best people are focused here - our best ideas and services are developed and sustained here - our profits are re-invested right here. Our profits are shared with the people who bank at Libro. With you.

      That's a difference that means something.

      Click here to view our profit sharing calculator.

    • Profit Shares

      The philosophy at Libro is simple: you own it. That also means you get a share of the profit. Here are details about Libro shares.

      Membership Shares

      Ownership is represented by membership shares; $50 for adult Owners and $10 for youth. Holding membership shares means you get a say in Libro's direction when there are voting opportunities.

      Class P Profit Shares

      Class P Profit Shares may be earned by every Owner, subject to a minimum volume of business conducted at Libro in the past year.

      The Board of Directors declares profit shares based on annual earnings, and Libro has declared these shares every year since starting the program in 1995.

      The calculation is determined annually, 2014's payout is $0.90 per $1000.

      Class I Investment Shares

      Class I Investment Shares have been offered for subscription four times in Libro's history. They were offered for a limited time by prospectus, are not deposit-insured, and form part of Libro's capital.

      Each year the Board of Directors declares dividends after year-end financial results are available. The Board of Directors declares dividends using as a guideline the Government of Canada three to five year bond rate plus 1%, and this has been paid annually since 1995.

      The shares come with some redemption restrictions: a maximum of 10% of aggregate outstanding shares may be redeemed in any year. The dividends are treated as interest income and Owners receive a T5 for earnings and income tax reporting purposes. If shares are held with an RSP, dividend earnings are sheltered until they are withdrawn. Libro has chosen to issue these shares as part of our capital plan during times of planned fast growth. It is possible they would be offered again at some point in the future, and all Owners would be made aware through broad communication.

      That's a difference that means something.

      Click here to view our profit sharing calculator.

    • Top 10 FAQs

      1. Where are Libro's branches located? What are your hours?
        Our branches, their contact information, and hours can be located at the very top of every page by clicking ATMs/Branches.
      2. What are Libro's rates?
        All of our rates can be found here.
      3. Where are there ATMs I can use for free?
        Use our ATM finder to locate free ATMs close to home and across Canada, the US, and internationally.
      4. Does Libro offer credit cards?
        Yes, read more about Libro's MasterCard™ credit cards.
      5. How can I apply to work for Libro Credit Union?
        All of our current job postings are located in our Careers section. You can also submit your resume and we'll keep it on file for future job opportunities that may be a good fit for you.
      6. Where can I learn more about mortgages and mortgage tools?
        Learn more about mortgages here and use our mortgage calculator.
      7. How do I send a wire transfer?
        Everything you need to know about sending a wire transfer can be found here.
      8. How is Libro different than a bank?
        The main difference between Libro Credit Union and banks is that Libro is a credit union, which means it is owned by its customers (we call them Owners) and is subject to provincial regulations. The meaningful difference is that while banks are focused on their global outreach, Libro is focused locally, helping individuals and businesses manage their finances. Click on the options above to learn more about the Libro difference.
      9. Is my money safe with Libro?
        Yes. Libro pays premiums to the Deposit Insurance Corporation of Ontario (DICO) for deposit insurance coverage. Through DICO, eligible deposits in all registered plans, including RRSP, RESP, RRIF and TFSA, are fully insured. Other Canadian dollar deposits are insured up to $100,000.

        More details about DICO and what it means for you can be found here.

    • Financial Statements

      What we share makes us stronger

      We believe this is a time when like-minded people working together can achieve far more than they might on their own.

      Shared purpose comes naturally to Libro.  As a credit union our approach to co-operative banking services fits these times well.  We believe in shared prosperity based on common purpose: achieving financial well-being for our owners and local businesses; sharing our profits for the good of all; nurturing youth leadership and building strong communities.

      Libro's Annual Report and Financial Statements