Amalgamation of Libro Financial Group and United Communities Credit Union approved


UCCU mergerLibro Financial Group’s President & CEO Stephen Bolton and Board Chair Rick Joyal, unveil the name and logo of the new Libro 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. SUBMITTED PHOTO

By Ron Giofu


The merger between United Communities Credit Union and Libro Financial Group has been approved with the newly merged financial institution to launch New Year’s Day.

The boards of directors of Libro Financial Group and United Communities Credit Union announced Thursday morning that member-owners and regulators have approved the amalgamation of the two credit unions.

The new organization, Libro Credit Union, will begin operating with a combined management and staff Jan. 1, 2014.

“This is an exciting time for everyone and I’m looking forward to the journey ahead,” said Rick Joyal, board chair at Libro Financial Group.

The new merged credit union will become the second largest credit union in Ontario, he added, and will operate 27 branches, employ 556 staff in 21 communities across southwestern Ontario, and serve more than 95,000 member-owners.

“I’m extremely pleased that our member-owners have recognized the potential of this new credit union,” Joyal stated “By combining our resources we will be able to accomplish more than either credit union could on its own.”

United Communities Credit Union board chair Dennis Hogan said compared the merger to “two puzzle pieces coming together to form the best financial institution in southwestern Ontario.”

“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 Hogan. “Our cultures are very similar and this has been one of the critical elements that have reassured us the merger will succeed.”

The merger was announced at a press conference in London that was streamed online at In a subsequent press release, officials touted the new credit union “as having greater capacity and resources to invest in competitive products, new services and innovative ways to deliver great banking, while still remaining focused on communities and service excellence.”

The newly created Libro Credit Union will be headed by Stephen Bolton with Bolton’s title being president and CEO. He estimated the banking systems employed by the two organizations would be fully integrated within 18 months.

“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 Bolton. “We are a financial institution based in southwestern Ontario, whose profits stay in southwestern Ontario.”

Bolton added that the new $3-billion organization could do more than either organization did individually.



“As a credit union, our staff, member-owners, and communities are at the centre of everything we do, so maintaining strong member-owner service will be our top priority throughout the transition,” he added.   “We will provide clear advance communication, and will ensure we give our member-owners choice.”

Jim Lynn, president and CEO of United Communities Credit Union, pointed out he will be retiring once the transition takes place “smoothly.” He said “personal touch is key” as there will be live voices answering phones.

“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, farms and businesses,” said Lynn. “We’ll have the scale to increase our pace of innovation and service delivery, while still remaining focused on our local communities.”

Lynn said United Communities Credit Union has a history of enjoying partnerships with organizations and municipalities, including sponsoring facilities like the United Communities Credit Union Complex. He said the new credit union will work with organizations and towns to help them transition to the new name.

“We’re working with local councils in working towards a name change,” said Lynn.


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