CALEDONIA, ON and LONDON, ON, April 7, 2015 /CNW/ - Hald-Nor Credit Union and Libro Credit Union are pleased to announce an agreement which will see them join to collectively serve more people and grow prosperity across southwestern Ontario. Hald-Nor is a profitable, well-run credit union that serves 5,000 members in the Haldimand Norfolk region.
"We are seeking to grow prosperity for the families, farms and enterprises in this part of Ontario," said Steve Bolton, Libro Credit Union President and CEO. "This announcement means Hald-Nor and Libro are committed to doing just that, in our region. Together, we want to invest more here. We want southwestern Ontario to be the focal point of world-class financial thinking, showcasing our expertise in agriculture and other industries, as well as building strong, vibrant communities for the people who choose to call this great place home."
The agreement will close July 31, 2015, following successful completion of due diligence, regulatory requirements, and Hald-Nor member approval. The four Hald-Nor full service branches, located in Caledonia, Simcoe, Cayuga, and Hagersville, will remain open, and all staff will be offered meaningful employment at Libro. Hald-Nor will continue with its established 2015 plan to close the limited service pilot location in Hamilton.
"I am pleased that Hald-Nor members and staff will become part of a collaborative and well-respected organization," said Ralph Luimes, Hald-Nor CEO. "With a similar product line-up and a team of talented and engaged staff, the transition will be seamless and members will continue to receive a great credit union experience."
Libro Credit Union is Ontario's second largest credit union, with 27 branches and 95,000 Owners. The credit union is focused on helping families, businesses, farms and communities across the region to secure a prosperous future.
"Libro Credit Union is passionate about the local communities in this part of Ontario and supporting the people who live and work here," said Chris Smith, Hald-Nor Board Chair. "It's an excellent fit, and we believe our members will benefit greatly from a credit union that has the size and scale to serve their needs with a locally based governance model that ensures their voices are heard."
Libro Board Chair, Rick Joyal, echoes the sentiment. "As one organization, our investments in human and financial resources will go further toward our shared vision of growing prosperity by transforming banking," Joyal said. "This is where we all live, work and play, making our focus here that much more important."
The new, combined credit union will operate 31 branches, employ 625 staff in 25 communities, and serve over 100,000 member-owners who hold $3.3 billion in assets under administration. No staff will lose employment as a result of the merger.
About Libro Credit Union – Libro is Ontario's second largest credit union with $3.2 billion in assets under administration and 95,000 Owners across southwestern Ontario. As a co-operative financial institution with 70 years of history, 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 services for consumers, businesses and farms, including savings and chequing, investing, and borrowing. Great service can be experienced through 27 branches, online, telephone, mobile devices and a network of 2,400 ATMs across Canada. For more information, visit libro.ca/media.
About Hald-Nor Credit Union – Hald-Nor Community Credit Union is a democratic, responsible and innovative provider of financial services to its 5,000 Members who hold $140 million in assets. Through strong financial performance, we serve as a catalyst for the self-reliance and economic well-being of our membership and the community. Founded in 1954 by Caledonia gypsum workers, Hald-Nor has grown to become a full-service financial institution, now operating branches in Caledonia, Cayuga, Hagersville, Simcoe and Hamilton.
SOURCE Libro Credit Union
Image with caption: "Stephen Bolton, Libro Credit Union President and CEO, and Ralph Luimes, Hald-Nor Credit Union CEO have announced an agreement which will see them join to grow prosperity across the local communities they serve. (CNW Group/Libro Credit Union)". Image available at: http://photos.newswire.ca/images/download/20150407_C6798_PHOTO_EN_13979.jpg
Image with caption: "Libro Credit Union (CNW Group/Libro Credit Union)". Image available at: http://photos.newswire.ca/images/download/20150407_C6798_PHOTO_EN_13980.jpg
Image with caption: "Hald-Nor Credit Union (CNW Group/Libro Credit Union)". Image available at: http://photos.newswire.ca/images/download/20150407_C6798_PHOTO_EN_13981.jpg
For further information: or to set-up an interview, please contact: Chad Lovell, Communications Manager, Libro Credit Union, P: 519-672-0130 ext. 4423, C: 226-926-4068, [email protected]; Miriam Salmeron, Marketing Manager, Hald-Nor Credit Union, P: 905-765-8441 ext. 142, C: 905.484.8761, [email protected]