Kawartha Credit Union and Libro Announce Plans to Merge
/The Boards of both Kawartha Credit Union and Libro Credit Union entered into discussions about a merger.
Photo courtesy of Kawartha Credit Union.
“The Boards of both credit unions believe this merger is in the best interests of Members/Owners, employees, communities and the credit union,” said Garrett Vanderwyst, Libro board chair. “By coming together, we can scale and be better prepared for the future, while at the same time maintain the benefits and advantages of a community-focused credit union.”
According to a press release, the credit unions are progressing well through the stages of the merger process. In August, a comprehensive application will be submitted to the Financial Services Regulatory Authority (FSRA) and if approved, Members/Owners from both credit unions will participate in a democratic voting process, likely in the fall of 2025.
If approved, the new credit union would have approximately $11 billion in total assets under management, serving over 180,000 Members/Owners, across 57 locations in Ontario, offering a full range of personal and business banking, wealth management and insurance solutions.
“Both credit unions have a long history of helping Members/Owners achieve their financial goals. By coming together the merged credit union will focus on providing the products, services and advice our Members/Owners need, while continuing to invest in our local communities,” says Kawartha Board Chair, Allison Chenier.
Both companies state that the merger will provide the following benefits for customers:
Better digital banking experiences – backed by the strength of a growing credit union with more to invest
More in-person access through 57 locations across Ontario
Access to deeper financial expertise and personalized advice for every stage of life and business
A wider range of products and services across personal banking, business banking, wealth, and insurance
Greater lending capacity and tailored support for business Members/Owners
Enhanced agricultural banking support through dedicated specialists serving local farming communities
