Ontario credit unions Meridian and Desjardins to merge
The Boards of Directors of Desjardins Credit Union and Meridian Credit Union have agreed to amalgamate, a move which will create a credit union powerhouse in Ontario with 263,000 members and $8 billion in assets under management.
The amalgamation includes all 19 Desjardins Credit Union branches, Central Loans Unit and Head Office. However, it excludes Desjardins Credit Union’s six agencies which would be maintained and operated by Desjardins Group through the Fédération des caisses populaires de l’Ontario.
“This is good news for members of both Meridian and Desjardins Credit Union as well as the credit union movement in Ontario. We will have additional resources to improve products and services to our members and offer Ontarians an increasingly competitive, co-operative option for mortgages, loans, wealth management and other financial services.” Don Ariss, Chair of Meridian’s Board of Directors, said in a statement.
“We have completed a number of restructuring initiatives and have reviewed several long-term strategic options. We believe that joining forces with Meridian under the Meridian banner is in the long-term interests of our employees, members and stakeholders,” Desjardins Credit Union Chairman of the board, Paul E. Garfinkel, said.
As credit unions, both Meridian and Desjardins Credit Union are owned by their members, who must vote on the proposed amalgamation. The results of the Meridian vote will be known on April 19, 2011 and the Desjardins Credit Union vote on April 27, 2011.
Meridian Credit Union is Ontario’s largest credit union, serving more than 213,000 Members in communities across south central Ontario. Meridian has more than $6.6 billion in assets under administration.
Desjardins Credit Union is an Ontario-based financial service co-operative, owned by its members with $1.4 billion in assets under administration. It was founded in 2003 when it acquired the Province of Ontario Savings Office. While the creation of Desjardins Credit Union and the acquisition was funded by Desjardins Group of Quebec, Desjardins Credit Union is a separate and autonomous Ontario co-operative.
