Meridian Credit Union

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]

Meridian Credit Union Ltd.
TypeCredit union
IndustryFinancial services
FoundedApril 1, 2005 (2005-04-01)
Headquarters
St. Catharines, Ontario
,
Canada
Number of locations
92 branches[1] (2019)
Key people
Jay-Ann Gilfoy, President & CEO
ProductsSavings; chequing; consumer loans; mortgages; credit cards; online banking; Commercial banking
Revenue$368 million CAD (2018)[2]
Total assets$23.9 billion CAD (2019)[1]
Number of employees
2,000 (2019)[1]
Subsidiaries
    • Meridian OneCap Credit;
    • Motusbank
Websitewww.meridiancu.ca
Meridian Credit Union in Richmond Hill, ON

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) and Meridian's membership voted in favour of a merger effective 1 June 2011.[6] Desjardins Credit Union was in turn created with funding from the Desjardins Group in a 2003 buyout of the Province of Ontario Savings Office.[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

Motusbank logo

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]

References
  1. "Meridian Fast Facts". Meridian Credit Union, Limited. Retrieved 24 March 2020.
  2. Meridian Annual Report 2018 (PDF). St. Catharines, Ontario: Meridian Credit Union, Limited. pp. 47–48. Retrieved 25 August 2019.
  3. "Meridian Annual Report 2019" (PDF). Meridian Credit Union. Retrieved 5 August 2020.
  4. Doherty, Brennan (9 July 2022). "Meridian Credit Union's CEO embraces its special role helping people that traditional banks won't". Toronto Star. Retrieved 9 July 2022.
  5. "Meridian Fast Facts".
  6. "Meridian - Personal". Meridian Credit Union. Retrieved 23 February 2017.
  7. "Desjardins to Buy Province of Ontario Savings Office". CBC.ca. 28 January 2003. Retrieved 3 November 2007.
  8. Ariss, Don. "2012 Annual Report Corporate Highlights" (PDF). Meridian Credit Union. Retrieved 23 February 2017.
  9. Spears, John (1 March 2011). "Merger of Desjardins and Meridian creates credit union giant". Toronto, ON: Toronto Star. Retrieved 23 February 2017.
  10. Medeiros, Diane (29 April 2016). "Meridian Completes Acquisition of Roynat Lease Finance". St. Catharines: Meridian Credit Union. Retrieved 28 May 2016.
  11. Fraser, Don (19 April 2016). "Meridian Credit Union acquires Roynat Lease Finance". St. Catharines, Ontario: St Catharines Standard. Archived from the original on 26 August 2016. Retrieved 23 August 2016.
  12. Ramsingh, Priya (8 February 2017). "Meridian launches new line of Visa credit cards". Canada NewsWire. Retrieved 23 February 2017.
  13. Pagnutti, Teresa. "Meridian wins first-ever Best Credit Union of the Year at Canadian FinTech and AI Awards". Meridian Credit Union. Retrieved 2 August 2020.
  14. Pagnutti, Teresa (24 March 2020). "Meridian announces temporary branch closures in some locations across Ontario | Meridian". Meridian Credit Union. Retrieved 2 August 2020.
  15. Benner, Allan (22 May 2020). "Meridian Credit Union cuts 109 jobs". stcatharinesstandard.com. Retrieved 2 August 2020.
  16. "Meridian credit union to launch national bank". Toronto: CBC. 17 August 2016. Retrieved 22 August 2016.
  17. Shecter, Barbara (17 August 2016). "Meridian credit union seeking license for national online bank to take on Big Five". Toronto: Financial Post. Retrieved 22 August 2016.
  18. Shecter, Barbara (17 August 2016). "Meridian credit union seeking license for national online bank to take on Big Five". Financial Post. Toronto. Archived from the original on 22 August 2016. Retrieved 22 August 2016.
  19. Zochodne, Geoff (4 February 2019). "Meridian Credit Union eyes spring launch for new digital bank | Financial Post". Financial Post. Retrieved 4 February 2019.
  20. "'Price matters': New online bank hopes to attract cost-conscious customers". theglobeandmail.com. 14 October 2019. Retrieved 2 April 2019.
  21. "OSFI Guideline B-20 Disclosures" (PDF). 31 March 2019. Retrieved 8 October 2019.
  22. "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. Retrieved 8 October 2019.
  23. Windsor, Scott. "Meridian Credit Union Amongst Canada's Top 100 Employers". St. Catharines, ON: Canada NewsWire. Retrieved 23 February 2017.
  24. "Canada's Top 100 Employers". Maclean's. 14 October 2009. Archived from the original on 24 February 2017. Retrieved 23 February 2017.
  25. "Meridian - Commitment to Communities – Community Programs - Meridian". Meridian Credit Union. Retrieved 26 January 2017.
  26. "Seeds of Hope - planting party at Meridian Credit Union". Alzheimer Society Blog. Toronto, ON. 24 April 2015. Retrieved 4 October 2019.
  27. Watt, Laurie (12 June 2015). "Barrie unveils plans for outdoor city centre". Barrie, ON: Barrie Advance. Archived from the original on 10 February 2018. Retrieved 20 June 2015.
  28. "Meridian Pays $5.2Mil for Naming Rights". Partnership Group. 16 September 2013. Retrieved 23 February 2017.
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