Meridian Credit Union Explained

Meridian Credit Union Ltd.
Image Alt:Meridian branch
Type:Credit union
Location Country:Canada
Key People:Jay-Ann Gilfoy, President & CEO
Industry:Financial services
Products:Savings
chequing; consumer loans; mortgages; credit cards; online banking; Commercial banking
Revenue:$368 million CAD (2018)[1]
Assets:$23.9 billion CAD (2019)
Num Employees:2,000 (2019)[2]
Num Locations:92 branches
Num Locations Year:2019

Meridian Credit Union Ltd. is a Canadian credit union. It was formed on 1 April 2005 through the merger of Niagara Credit Union and HEPCOE (Hydro Electric Power Commission of Ontario Employees) Credit Union. It is insured by the Financial Services Regulatory Authority of Ontario.[3]

History

Meridian is the second largest credit union in Canada, and the largest credit union in Ontario, with more than 365,000 members with total assets under administration of over $28.5 billion.[4] Meridian offers banking, wealth management, credit products and services through 89 branches, and fifteen Commercial Business Centres.[5]

Desjardins Credit Union (the Ontario affiliate of the Desjardins Group, formerly Province of Ontario Savings Office[6]) and Meridian's membership voted in favour of a merger effective 1 June 2011.[7] By 2012, most of the former Desjardins branches in Ontario had been renamed to Meridian branches.[8] [9]

In April 2016 Meridian completed its acquisition from Scotiabank of Roynat Lease Finance, a supplier of commercial equipment leasing. Roynat Lease Finance will operate as Meridian OneCap Credit Corp., a wholly owned subsidiary of Meridian Credit Union.[10] [11]

On 21 February 2017, Meridian announced and introduced a new line of Visa credit cards, moving away from MasterCard.[12]

On 19 November 2019, Meridian won "Best Credit Union" at the 5th Annual Canadian FinTech & AI Awards.[13]

During the COVID-19 pandemic in Ontario, Meridian closed branches and reduced hours to comply with lockdown orders.[14] As a result, however, it laid off 109 members of its staff.[15]

Motusbank

On 17 August 2016, Meridian announced its intention to establish a federally chartered online banking subsidiary.[16] [17] On 4 February 2019 the name announced for the new entity was Motusbank, stylized as motusbank.[16] [18] Motusbank launched across Canada on 2 April 2019.[19] [20] [21] As of June 2019, Motusbank had approximately CAD$54 million in capital.[22]

Recognition

Meridian Credit Union was listed as one of Canada's top 100 employers by Maclean's magazine in 2009 and 2010.[23] [24]

Sponsorships

Through its "Commitment to Communities" program Meridian Credit Union contributes money to local causes and encourages employees to volunteer in their community.[25] The company also donates to national organizations such as the Alzheimer Society of Ontario.[26] Facilities which Meridian owns naming rights to include Meridian Hall (Toronto), Meridian Place (Barrie) and Meridian Centre (St. Catharines).[27] [28]

External links

Notes and References

  1. Book: Meridian Annual Report 2018 . Meridian Credit Union, Limited . St. Catharines, Ontario . 47–48 . 25 August 2019.
  2. Web site: Meridian Fast Facts . Meridian Credit Union, Limited . 24 March 2020.
  3. Web site: Meridian Annual Report 2019 . Meridian Credit Union . 5 August 2020.
  4. Web site: Doherty . Brennan . Meridian Credit Union’s CEO embraces its special role helping people that traditional banks won’t . Toronto Star . 9 July 2022 . 2022-07-09.
  5. Web site: Meridian Fast Facts .
  6. Web site: Desjardins to Buy Province of Ontario Savings Office. 2007-11-03. 2003-01-28. CBC.ca.
  7. Web site: Meridian - Personal. Meridian Credit Union. 23 February 2017.
  8. Web site: 2012 Annual Report Corporate Highlights.. Ariss. Don. Meridian Credit Union. 23 February 2017.
  9. Web site: Merger of Desjardins and Meridian creates credit union giant. Spears. John. 1 March 2011. Toronto Star. en. 23 February 2017. Toronto, ON.
  10. Web site: Meridian Completes Acquisition of Roynat Lease Finance. Medeiros. Diane. 29 April 2016. Meridian Credit Union. en. 28 May 2016. St. Catharines.
  11. Web site: Meridian Credit Union acquires Roynat Lease Finance . Fraser . Don . 19 April 2016 . St Catharines Standard . en . 23 August 2016 . . https://web.archive.org/web/20160826112109/http://www.stcatharinesstandard.ca/2016/04/19/meridian-credit-union-acquires-roynat-lease-finance . 26 August 2016 . dead .
  12. Web site: Meridian launches new line of Visa credit cards. Ramsingh. Priya. 8 February 2017. Canada NewsWire. 23 February 2017.
  13. News: Pagnutti . Teresa . Meridian wins first-ever Best Credit Union of the Year at Canadian FinTech and AI Awards . 2 August 2020 . Meridian Credit Union . en.
  14. News: Pagnutti . Teresa . Meridian announces temporary branch closures in some locations across Ontario Meridian . 2 August 2020 . Meridian Credit Union . 24 March 2020.
  15. News: Benner . Allan . Meridian Credit Union cuts 109 jobs . 2 August 2020 . stcatharinesstandard.com . 22 May 2020 . en.
  16. News: Meridian credit union to launch national bank. 17 August 2016. CBC. en. 22 August 2016. Toronto.
  17. Web site: Meridian credit union seeking license for national online bank to take on Big Five. Shecter. Barbara. 17 August 2016. Financial Post. en. 22 August 2016. Toronto.
  18. Web site: Meridian credit union seeking license for national online bank to take on Big Five . Shecter . Barbara . 17 August 2016 . Financial Post . 22 August 2016 . Toronto . https://web.archive.org/web/20160822224942/http://business.financialpost.com/news/fp-street/meridian-credit-union-seeking-license-for-national-online-bank-to-take-on-big-five . 22 August 2016 . dead .
  19. Web site: Zochodne . Geoff . Meridian Credit Union eyes spring launch for new digital bank Financial Post . Financial Post . 4 February 2019 . 4 February 2019.
  20. Web site: 'Price matters': New online bank hopes to attract cost-conscious customers . theglobeandmail.com . 2 April 2019 . 14 October 2019.
  21. Web site: OSFI Guideline B-20 Disclosures. March 31, 2019. Oct 8, 2019.
  22. Web site: First month's worth of balance sheet data for Motus Bank available motusbank Discussion forum Canadian High Interest Savings Bank Accounts. Canadian High Interest Savings Accounts. en-US. 2019-10-08.
  23. Web site: Meridian Credit Union Amongst Canada's Top 100 Employers. Windsor. Scott. Canada NewsWire. 23 February 2017. St. Catharines, ON.
  24. Web site: Canada's Top 100 Employers . 14 October 2009 . . en . 23 February 2017 . 24 February 2017 . https://web.archive.org/web/20170224213508/http://www.macleans.ca/economy/business/the-top-100-2009/ . dead .
  25. Web site: Meridian - Commitment to Communities – Community Programs - Meridian. Meridian Credit Union. 26 January 2017.
  26. Web site: Seeds of Hope - planting party at Meridian Credit Union . Alzheimer Society Blog . 4 October 2019 . Toronto, ON . en-CA . 24 April 2015.
  27. Web site: Barrie unveils plans for outdoor city centre . Watt . Laurie . 12 June 2015 . . en . 20 June 2015 . Barrie, ON . 10 February 2018 . https://web.archive.org/web/20180210033037/https://www.simcoe.com/news-story/5674774-barrie-unveils-plans-for-outdoor-city-centre/ . dead .
  28. Web site: Meridian Pays $5.2Mil for Naming Rights. 16 September 2013. Partnership Group. en. 23 February 2017.

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