Meridian Credit Union welcomes move by the province to modernize credit union sector

    Ontario's largest credit union will take an active part in providing
    input on new regulations

    ST. CATHARINES, ON, Feb. 6 /CNW/ - Meridian Credit Union welcomes today's
announcement that the provincial government plans to change legislation to
modernize the credit union sector in the province.
    "Credit unions like ours play a key role in the lives of individuals and
the local economies of communities across Ontario," Bob Hague, Acting CEO of
Meridian Credit Union said.
    "The current regulations have been in place since credit union
legislation was passed in 1994. A lot has changed since then, especially over
the last year," Hague said.
    As Ontario's largest credit union, Meridian has more than 215,000 Members
in communities across central Ontario, the Niagara Region and the Greater
Toronto Area. In addition to 44 retail branches, Meridian has eight Commercial
Business Centres and provides financial services to 18,000 businesses.
    "A number of our commercial Members employ hundreds of people. Some are
among the largest employers in their communities. Throughout these difficult
economic times, we have continued to provide financial services to these
businesses as well as to our individual retail Members. We play a vital role
in this area in the communities we serve. It's something not many people
realize," Hague said.
    Hague said that Meridian's focus is on neighbourhood banking and building
stronger neighbourhoods and communities.
    "Credit unions are open to everyone to join. They are founded on
cooperative principles and owned by their Members. As a result, our approach
to providing financial services is based on those principles which is what
sets us apart from publicly traded financial institutions," Hague said.
    Hague said Meridian supports moves to strengthen governance, enhance risk
management, consumer protection and streamline regulatory requirements.
    "As Ontario's largest credit union, we are committed to pursuing growth
and innovation while serving and protecting the interests of our Members. We
welcome any initiative by the provincial government to help us do this," Hague

    Meridian Credit Union is Ontario's largest credit union serving more than
215,000 personal and commercial Members across south-central Ontario. Meridian
Credit Union, with 44 branches and eight Commercial Banking Centres, offers
its Members access to a full range of financial services, including access to
the Exchange(R) Network with over 2,200 no-fee ABMs in Canada and 500 in
Ontario. Meridian Credit Union has committed to investing 4% of its pre-tax
earnings in our communities -four times the national average for corporate

For further information:

For further information: Scott Windsor, Director, Corporate
Communications, P: (416) 597-5124, Cell: (416) 707-5425,

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