Member-owners support new path
November 14, 2013
Member-owners of Libro Financial Group and United Communities have approved the amalgamation of the two credit unions, making it the second largest credit union in Ontario. The new organization, Libro Credit Union, will begin to operate with a combined management and staff on January 1, 2014.
"I’m extremely pleased that our member-owners have recognized the potential of this new credit union," said Rick Joyal, Chair, Libro Financial Group Board of Directors. "By combining our resources we will be able to accomplish more than either credit union could on its own."
As a combined organization, the new credit union will have greater capacity and resources to invest in competitive products, new services and innovative ways to deliver great banking, while still remaining focused on communities and service excellence. Together there will be a larger team of financial experts and a broader perspective on the region's local communities, which will enable Libro Credit Union to offer the best financial solutions.
"Southwestern Ontario is its own economy. The businesses and farm operators in our region create jobs, pay mortgages, raise families, and compete with other businesses in similar regions around the world. The engines that drive the economy, live here and now we have an opportunity to provide this region with a world-class financial institution," said Stephen Bolton, President & CEO of the new Libro Credit Union. "We are a financial institution based in southwestern Ontario, whose profits stay in southwestern Ontario."
As the second largest credit union in southwestern Ontario, the new credit union will have the strategic will, skills and capacity to help the families, businesses, farms and communities in the region secure a more prosperous future. Both credit unions have a strong track record of giving back to communities, investing in excess of $7 million back into communities since 2005. Libro Credit Union will continue to meet the needs of individual communities through the Community Builder Grant Program and in the coming year, will integrate community investment and sponsorship activities.
A new mark of identity, which resembles a horizon, has been developed to represent the legacies of both credit unions and the region, while also delivering a fresh and forward-looking symbol, and a sense of financial freedom. Click here to view and learn more about the logo.
The new credit union will operate with the Ovation banking system currently in use at Libro Financial Group, and will align products and services, in preparation for a full banking system conversion within 12-18 months.
"As a credit union, our staff, member-owners, and communities are at the centre of everything we do, so maintaining strong member-owner service will be out top priority throughout the transition," said Bolton. “We will provide clear advance communication, and will ensure we give our member-owners choice."
Libro Credit Union will continue to keep member-owners and the community informed throughout the transition stage of the amalgamation via www.Better2Best.ca. The website will continue to provide timelines and new information about products and services, governance, operations and other timely information.
The new Libro Credit Union
27 branches in 21 communities
556 Staff – no employment loss as a result of the merger
$3 billion in assets under administration
2nd largest credit union in Ontario
Learn more at better2best.ca
The new logo
The journey continues from better to best as we introduce to you, a totally re-imagined financial brand that is the very best of two great Credit Unions.
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