Desjardins to join forces with Meridian

A tentative deal has been struck to create a potential credit union powerhouse in Ontario with the amalgamation of Desjardins and Meridian credit unions.

The Boards of Directors of Desjardins Credit Union and Meridian Credit Union have agreed to amalgamate their respective organizations in order to create a credit union in Ontario with 263,000 Members and $8 billion in assets under management.

The deal still requires approval by the membership of both credit unions, to take place in April and the required regulatory approvals.

The amalgamation includes all 19 Desjardins Credit Union branches, Central Loans Unit and Head Office. However, it excludes Desjardins Credit Union’s six agencies which would be maintained and operated by Desjardins Group through the Fédération des caisses populaires de l’Ontario.

“This is good news for members of both Meridian and Desjardins Credit Union as well as the credit union movement in Ontario,” said Don Ariss, Chair of Meridian’s Board of Directors.

“We will have additional resources to improve products and services to our members and offer Ontarians an increasingly competitive, co-operative option for mortgages, loans, wealth management and other financial services.”

“We have completed a number of restructuring initiatives and have reviewed several long-term strategic options. We believe that joining forces with Meridian under the Meridian banner is in the long-term interests of our employees, members and stakeholders,” said Desjardins Credit Union Chairman of the board, Paul E. Garfinkel.