LONDON, ON, Jan. 21, 2014 /CNW/ - Libro Credit Union (Libro) and Kellogg Employees Credit Union (KECU) are pleased to announce an agreement which will see KECU join Libro to collectively serve more people across southwestern Ontario. KECU is a profitable, well-run credit union that serves the employees of the Kellogg plant in London, Ontario. The credit union's 839 Members hold $19 million in assets under administration served by four staff. Staff will be offered meaningful employment at Libro.
"Libro is focused on the well-being of people, businesses, and communities in our region, so it gives me great pleasure to welcome KECU staff and Members to our family and provide the support and financial coaching to help them take control for their financial well-being during this time of uncertainty," said Steve Bolton, President & CEO, Libro Credit Union.
The agreement will close on March 31, 2014, following successful completion of due diligence, regulatory requirements, and KECU Member approval. The Libro KECU branch, located in the Kellogg plant, will remain open for a short while following the closing date, but will close once accounts are transitioned to Libro.
"I am pleased that KECU Members and staff will become part of a collaborative and well-respected organization," said Shelly Mitchell, CEO, KECU. "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 across southwestern Ontario and 95,000 Owners. The credit union is focused on helping families, businesses, farms and communities across the region secure a prosperous future.
"Libro Credit Union is passionate about southwestern Ontario and supporting the people who live and work here," said Lorraine Garnham, President, KECU Board. "It's a natural 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 governance model that ensures their voices are heard."
As we proceed with this transition KECU Members will receive more information and also have an opportunity to ask questions at an Annual General Meeting on March 18th, 2014, followed by a Special General Meeting also being held on March 18th, 2014 where KECU Members will have an opportunity to vote.
About Libro Credit Union
Libro Credit Union is Ontario's second largest credit union with $3 billion in assets under administration and 95,000 Owners across southwestern Ontario. As a co-operative financial institution with 70 years of history serving southwestern Ontario, 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 accounts, investments, and a wide range of lending products, and great service can be experienced through 27 branches, online, mobile, telephone solutions and a network of 2,400 ATMs across Canada. For more information, visit www.libro.ca.
About Kellogg Employee Credit Union
Kellogg Employees Credit Union (KECU) has been serving the Kellogg employees, retirees and their families since 1953. KECU is located within the Kellogg London Plant and offers a full product line to their members including chequing, savings, investments and personal lending. KECU staff has built long-term relationships and offers advice based on the financial well-being of the members.
SOURCE: Libro Credit Union
For further information: Tina Romano, Communications Manager, Libro Credit Union, P: 519-672-0130 x4408, E:[email protected]; Shelly Mitchell, CEO, Kellogg Employees Credit Union, P: 519-452-6321, E: [email protected]