HomeMy WebLinkAboutLakeshore Advance, 2013-11-13, Page 1212 Lakeshore Advance • Wednesday, November 13, 2013
Member -Owners approve amalgamation of Libro
Financial Group and United Communities Credit Union
OMI Agency
'Ihe Boards of Directors of Libro Financial Group
and United Communities Credit Union are
pleased to announce that member -owners have
approved the amalgamation of the two credit
unions. The new organization, Ubro Credit Union,
will begin operating with a combined manage-
ment and staff on January 1, 2014.
The new merged credit union will become the
second largest credit union in Ontario and will
operate 27 branches, employ 556 staff in 21 com-
munities across southwestern Ontario, and serve
more than 95,000 member -owners.
Ai
We are a financial institution
based in southwestern Ontario,
whose profits stay in
southwestern Ontario."
— Stephen Bolton, President & CEO of the
new Libro Credit Union
"I'm extremely pleased that our member -own-
ers have recognized the potential of this new credit
union," said Rick Joyal, Board Chair at Libro Finan-
cial Group. "By combining our resources we will
be able to accomplish more than either credit
union could on Its own."
"We are co-operative neighbours. We share the
same values and vision, and we each work to
improve the lives of families, businesses, farms
and communities across our region," said Dennis
F logan, Board Chair at United Communities Credit
Union. "Our cultures are very similar and this has
been one of the critical elements that have reas-
sured us the merger will succeed."
As a combined organization, the new credit
union will have greater capacity and resources to
invest in competitive products, new services and
innovative ways to deliver great Nanking, while still
remaining focused on communities and service
excellence. Together there will be a larger team of
financial experts and a broader perspective on the
region's local communities, which will enable
Libro Credit Union to offer the best financial
solutions.
"Southwestern Ontario is its own economy and
the businesses and farm operations that drive it
live here. Now we have an opportunity to provide
this region with a world-class financial institution,"
said Stephen Bolton, President & CEO of the new
Libro Credit Union. "We are a financial institution
based in southwestern Ontario, whose profits stay
in southwestern Ontario."
"We are proud to see our families joining
together to form a re -imagined credit union that
will continue to build on our proud histories of
helping people, farrns and businesses," said Jim
Lynn, President & CEO of United Communities
Credit Union. "We'll have the scale to increase our
pace of innovation and service delivery, while still
remaining focused on our local conununities"
While Jim Lynn will be retiring on December 31,
2013 as previously scheduled, he will continue to
provide advice and support for the first several
months of 2014.
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(Left to Right) Ubro Financial Group's President & CEO Stephen Bolton and Board Chair
Rick Joyal, unveil the name and logo of the new Ubro Credit Union, alongside United
Communities credit Union's Board Chair Dennis Hogan and President & CEO Jim Lynn. The
ice sculpture was unveiled after member -owners approved the amalgamation of the two
credit unions during Special General Meetings that took place on November 4, 5, and 6.
A new mark of identity has been
developed to represent the legacies of
both credit unions and the region, while
also delivering a fresh and forward-
looking symbol, and a sense of financial
freedom. The new credit union will
align products and services, in prepara-
tion for a full banking system conver-
Sarnia-Lambton Economic Partnership
COMMUNITY INVITATION
Public Meeting
Join us as we update our Strategic Plan 2012-2015.
• Thursday, November 28, 2013
7:30 am — 9:00 a.m.
Location: Holiday Inn Sarnia/Pt. Edward,
1498 Venetian Boulevard, Sarnia
Keynote speaker Ian MacLellan will discuss news about
Ubiquity Solar Inc and their plans to develop a manu-
facturing facility for polysilicon production. Polysili-
con is used in computer chips, and Photovoltaic Cells.
There is no cost to attend, however you must reserve
your scat by November 26th by calling Jcanny Leung
at 519-332-1820, or by email reccption@sarnialamb-
ton.on.ca or by visiting the Sarnia-Lambton Economic
Partnership website, events page (www.sarnialambton.
on.ca).
SARNLA LAM BT
Economic Partnership
sion within 12-18 months.
"As a credit union, our staff, member -
owners, and communities are at the
centre of everything we do, so main-
taining strong member -owner service
will be our top priority throughout the
transition;" continues Bolton. "We will
provide clear advance communication,
and will ensure we give our member -
owners choice"
About United Communities Credit
Union - United Communities Credit
Union is one of Ontario's largest credit
unions, with 11 branches and more
than 36,000 members throughout
Southwestern Ontario. United Com-
munities has been enriching members'
lives through the achievement of their
financial success and the betterment of
communities for 70 years. With nearly
$800 million in assets under adminis-
tration, United Communities offers
full range of products and service.
including online and mobile banking,
borrowing limits over $10 million and a
full range of investment services for
personal, commercial and agricultural
members. For more information, visit
myunited.ca
About Libro Financial Group - Libro
Financial Group is Southwestern Ontar-
io's full-service credit union operated by
a community of owners and open to
everyone. With 59,000 owners and $2.2
billion in assets under administration,
Libro delivers a full range of chequing,
savings, investment, RRSP, insurance
and loan products along with financial
coaching and advice for consumers, and
farm and business owners. Libro has
been operating for over 60 years and has
16 branches in southwestern Ontario.
Owners have access to a surcharge -free
network of 2,400 ATMs across Canada.
For more Information, see libro.ca