LONDON, ON, Nov. 7, 2013 /CNW/ - The Boards of Directors of Libro Financial Group and United Communities Credit Union are pleased to announce that member-owners have approved the amalgamation of the two credit unions. The new organization, Libro Credit Union, will begin operating with a combined management and staff on January 1, 2014.
The new merged credit union will become the second largest credit union in Ontario and will operate 27 branches, employ 556 staff in 21 communities across southwestern Ontario, and serve more than 95,000 member-owners.
"I'm extremely pleased that our member-owners have recognized the potential of this new credit union," said Rick Joyal, Board Chair at Libro Financial Group. "By combining our resources we will be able to accomplish more than either credit union could on its own."
"We are co-operative neighbours. We share the same values and vision, and we each work to improve the lives of families, businesses, farms and communities across our region," said Dennis Hogan, Board Chair at United Communities Credit Union. "Our cultures are very similar and this has been one of the critical elements that have reassured us the merger will succeed."
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 and the businesses and farm operations that drive it live here. 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."
"We are proud to see our families joining together to form a re-imagined credit union that will continue to build on our proud histories of helping people, farms and businesses," said Jim Lynn, President & CEO of United Communities Credit Union. "We'll have the scale to increase our pace of innovation and service delivery, while still remaining focused on our local communities."
While Jim Lynn will be retiring on December 31, 2013 as previously scheduled, he will continue to provide advice and support for the first several months of 2014.
A new mark of identity 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. The new credit union 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 our top priority throughout the transition," continues Bolton. "We will provide clear advance communication, and will ensure we give our member-owners choice."
About Libro Financial Group - Libro Financial Group is Southwestern Ontario's full-service credit union operated by a community of owners and open to everyone. With 59,000 owners and $2.2 billion in assets under administration, Libro delivers a full range of chequing, savings, investment, RRSP, insurance and loan products along with financial coaching and advice for consumers, and farm and business owners. Libro has been operating for over 60 years and has 16 branches in southwestern Ontario. Owners have access to a surcharge-free network of 2,400 ATMs across Canada. For more information, see libro.ca
About United Communities Credit Union - United Communities Credit Union is one of Ontario's largest credit unions, with 11 branches and more than 36,000 members throughout Southwestern Ontario. United Communities has been enriching members' lives through the achievement of their financial success and the betterment of communities for 70 years. With nearly $800 million in assets under administration, United Communities offers a full range of products and services including online and mobile banking, borrowing limits over $10 million and a full range of investment services for personal, commercial and agricultural members. For more information, visit myunited.ca
Image with caption: "(Left to Right) Libro Financial Group's President & CEO Stephen Bolton and Board Chair Rick Joyal unveil the name and logo of the new Libro Credit Union alongside United Communities Credit Union's Board Chair Dennis Hogan and President & CEO Jim Lynn. The ice sculpture was unveiled after member-owners approved the amalgamation of the two credit unions during Special General Meetings that took place on November 4, 5, and 6. (CNW Group/Libro Financial Group)". Image available at: http://photos.newswire.ca/images/download/20131107_C4940_PHOTO_EN_33097.jpg
SOURCE: Libro Financial Group
For further information:
Libro Financial Group
P: 519.672.0130 x4408
Manager, Community Relations
United Communities Credit Union